President Akufo-Addo says the African Continental Free Trade Area (AfCFTA), will help African countries revive their economies after the devastating effects of the coronavirus pandemic.
He believes trade among African countries will be a game-changer due to the implementation of the agreement.
Speaking at the first African Continental Free Trade Area start trading webinar, President Akufo-Addo said, Africa is poised for growth and development.
“We are determined to enter into a new era of industrialization and have access to a single continental market. We will be a game-changer on that market as it will be the key to the ability of businesses on the continent to recover from the adverse effect of COVID-19 and proceed to grow in leverage of the new opportunities available to the market.”
In the meantime, following the commencement of trading under the AfCFTA on January 1, 2021, President Akufo-Addo has assured there will be intensified public education on the agreement in order to attract more businesses to take advantage of it.
President Akufo-Addo, who spoke in commemoration, promised to pursue efficiency with the agreement
AfCFTA is an agreement among 54 African countries with an estimated potential of boosting both intra-African trade by 52.3 percent by eliminating import duties.
It also seeks to establish a single market for goods and services, allowing for free movement of business travellers and investments.
Ghana hosts the AfCFTA Secretariat, which is tasked with the responsibility of coordinating the successful implementation of the Agreement.
The Secretariat operates as an autonomous organ of the African Union charged with implementing the decisions of the higher organs of the body in respect of the wide array of areas covered by the Agreement, ranging from industrialization to Intellectual Property, and from trade in professional services to the harmonisation of standards for manufactured goods.