A regional conference organized to elaborate more on business opportunities provided by the African Continental Free Trade Area (AfCFTA) and the National Export Development Strategy (NEDS) has been held in Kumasi.
It is the first in a series of regional events being organized jointly by the Ministry of Trade and Industry, the Ghana Export Promotion Authority (GEPA) and the National AfCFTA Coordination Office.
The conference, which was held on the theme "Empowering Ghanaian businesses to harness the benefits of the AfCFTA under the framework of NEDS", targeted public and private businesses within the Ashanti Region.
Chief Executive Officer of GEPA, Dr Afua Asabea Asare, said the regional conference was to encourage stakeholders in the industry to take advantage of the AfCFTA to participate.
She explained that Ghana had over the past decades, enhanced its stature in international trade, recording substantial expansion in total exports, adding that it was due to joint efforts by the government and the Ghanaian private sector.
Dr. Asare however, indicated that the relatively weak performance of the Non-Traditional Exports (NTEs) sector in recent years, and other externalities in the international trading environment have revealed risks, weaknesses and uncertainties associated with over-dependence on primary commodity exports and limited product diversification and value addition.
She said this was why President Akufo-Addo wanted a complete paradigm shift from the export of raw materials to value addition of the country’s products.
Dr Asare said the government had embarked on an aggressive industrialization agenda which saw the establishment of several manufacturing companies under Government’s flagship 1D1F programme.
The CEO said GEPA was spearheading the formulation of a new National Export Development Strategy, which was aligned to the government’s industrialization agenda, to help promote rapid increase in non-traditional exports in the next ten years.
The Strategy, according to her, envisaged that NTEs would grow from $2.8 billion in 2020 to $25.3 billion in 2029.
Mr Robert Ahomka-Lindsay the Deputy Minister for Trade and Industry, indicated that the AfCFTA which was meant to build wealth within African countries also marked a key milestone in the government's efforts to industrialize the country.
He projected that if all the 54-member African countries executed the AfCFTA, which started in January 2021, there was going to be a 52 per cent increase in intra-African trade by year 2022.
Latest Stories
-
‘No one is above the law’ – CAF president on match-fixing allegations against Samuel Eto’o
7 mins -
Manchester City thrash Brighton to go second in table
25 mins -
NDC’s running-mate speech proves readiness to lead – Asah-Asante
42 mins -
Further win for nibima as another KNUST study supports medicinal prowess
44 mins -
World Bank’s food price index eases; maize, wheat prices hit 3-year low
2 hours -
2020 polls all about pulling Ghana back from precipice of destruction, corruption – Naana Jane
2 hours -
Guru expresses interest in contesting SRC election at UG
2 hours -
Oil prices projected to average $84 in 2024 – World Bank
3 hours -
Meet 2 Ghanaian entrepreneurs on a mission to connect 1m African professionals to global companies by 2034
3 hours -
NCA approves Starlink’s satellite broadband application
3 hours -
Government orders FGR to revamp mining operations; assures workers of commitment to their welfare
3 hours -
Arne Slot philosophy could suit Liverpool – Van Dijk
3 hours -
EC replies Mahama: You also appointed someone who was tagged NDC
3 hours -
See colourful outdoor of Prof Naana Opoku-Agyemang as NDC’s running mate
4 hours -
Akufo-Addo commissions 15MWP Kaleo Solar Power Plant
4 hours