Ghana To Begin Implementation Of AfCFTA In 2021

The Ghana Export Promotion Authority (GEPA) in Collaboration with the Ministry of Trade and Industry and the National Coordination Office for the African Continental Free Trade Area (AfCFTA) would begin full implementation of the AfCFTA in January next year.

Mr Samuel Dentu, Deputy Chief Executive Officer (CEO) of GEPA, disclosed this during a Regional Conference on the implementation of the AfCFTA and the National Export Development Strategy (NEDS) in Takoradi.

The conference formed part of the series of Regional conferences aimed at bringing together relevant stakeholders from the private and public sectors to discuss government's export development interventions geared towards empowering Ghanaian businesses to harness the benefits AfCFTA.

It was on the theme: “Empowering Ghanaian businesses to harness the benefits of the Africa Continental Free Trade Agreement under the framework of NEDS.”

Mr Dentu said the strategy provided clear guidelines on exports of products produced within the country, adding that Ghana was on the path to becoming an export-driven economy with one district, one export product.

He said the strategy sought to improve the supply base of Ghana's exports to value-added products with consistency in its supply to sustain the business, improve the regulatory framework for export and build the capacity of the private sector.

It is envisaged that over 10 years, Non-Traditional Exports (NTEs) would grow from $2.8 billion in 2020 to $25.3 billion in 2029 accompanied by a deep structural transformation that positions Ghana as a competitive export-led industrialized economy if NEDS is fully funded and implemented.

Mr Dentu said there would be removal and reduction of duties on export products, efficient stable and reliable supply of electricity and water at competitive low tariffs for manufacturing industries and export-oriented companies.

He said the government procurement of locally manufactured goods and services to strengthen aggregate demand for local manufacturers and services, among other key measures, were to stimulate industrialization.

Elaborating on financial solutions projected at empowering Ghanaian clients and businesses to benefit from AfCFTA, Mr Prince Adjei, Trade and Finance Manager of Stanbic Bank, said the Bank remained committed to supporting clients to set up their businesses.

He said the bank would assist Ghanaians with working capital to produce or purchase goods for export, depending on the viability of their business to yield enough returns.





 
 
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