Ghana by virtue of its geographical location has been placed among the biggest beneficiaries of the African Continental Free Trade Agreement (AfCFTA), a former Oxford University professor, Noel Tagoe has said.
He is therefore urging the Ghanaian banking industry to team up with its counterparts on the African continent so as to fully benefit from the AfCFTA.
Ghana, he projects, will become a subsidiary hub for many multinationals.
But for that to be possible, he wants transportation infrastructure to be made a priority to facilitate trading activities.
“You cannot import and export without transportation infrastructure. So for those of us who are at the coast, we need very good ports to be able to handle big projects; ensuring that ports work very well is important. Therefore those who are inland [landlocked countries] need other means of carrying freight such as rail, road or air infrastructure – these are pretty costly – there should be an air agreement over Africa,” he said.
Continuing, Professor Tagoe said Ghana has started at a good point with the continental free trade by putting laws and policies in place to regulate trading activities and thus urged other African countries to emulate the country.
“I think we started at a very good place because the law must be based on policy so the policies state what the objectives are and the law should bring the objectives to being. Every country has to put in place laws that will align with the continental free trade.”
“There are dispute mechanisms that have been put in place at the continental level and that should help them [member countries] deal with it. I think Africa has had some experience with these things because we’ve had regional economic communities such as ECOWAS”, he said.
The Continental Free Trade Agreement (CFTA) is an Africa-wide free trade agreement (FTA) designed to boost intra-African trade and pave the way for the future establishment of a continental customs union.
The CFTA builds on existing Tripartite FTA negotiations amongst three African regional economic communities (RECs): the Southern African Development Community (SADC), the Common Market for Eastern and Southern Africsa (COMESA) and the East African Community (EAC), although it would like to incorporate all other African RECs too.
The decision to establish the CFTA was adopted as early as 2012 by the heads of state at the 18th ordinary session of the African Union (AU), and negotiations officially begun in June 2015.
AfCFTA brings together 54 African countries with a combined Gross Domestic Product of more than US$3.4 trillion.
- Kasoa murder: Spiritualist is a nursing mother of a 2-week-old baby – Police
- Prince Philip has died aged 99, Buckingham Palace announces
- Rapper DMX has died at age 50
- There’s no such thing as ‘spiritual money-doubling’ – Kwaku Bonsam warns
- Over 300 workers of Aviation Handling Services sent home
- Streetism in Ghana is a lucrative business where beggars are trained – PhD student at UG
- Father allegedly burns his 3-year-old baby for disrespecting him
- JoyFM’s Doreen Andoh shares how series of unfortunate events led her into broadcasting
- Men passing romantic comments about women at work is sexual violence – Lawyer
- I only request animal sacrifices to solve problems, not human parts – Kwaku Bonsam
Prince Philip: World leaders and royals send heartfelt sympathy
Prince Philip: Royal fans in Harry and Meghan’s US home town hope rifts can be smoothed over following duke’s death
Africa hit with delays in AstraZeneca vaccine supplies
Passengers burnt alive in DR Congo bus crash
Managing Director of Tesah Capital urges Ghanaians to cultivate habit of investment
Mitigate investments risks, ask questions of fund managers – Dr Elikplimi Agbloyor advises investors
BBC flooded with complaints over Prince Philip coverage
Kwame Pianim urges young people to invest in financial markets
Livestream: Newsfile focuses on new Land Act
Guinness Ghana champions ‘Progressive Portrayal’ of women in media, advertising and entertainment industry
Philip was a natural leader but always fulfilled his sense of duty, friend says
Prince Philip: Gun salutes planned across UK after Duke of Edinburgh dies aged 99
Take Covid-19 seriously – WHO warns Ghanaians again
We don’t need new laws, we need enforcement – Adjei Dwomoh on ‘get rich’ schemes
Pragmatic steps needed to advance professional development of female teachers