A Framework for Grant Disbursement has been agreed on to help Ghana fully harness the benefits of the African Continental Free Trade Agreement (AfCFTA).

The agreement was signed between the government of Ghana and the African Continental Free Trade Area (AfCFTA) Secretariat.

Minister for Trade and Industry, Alan Kyeremateng says the agreement when fully implemented has the potential to boost intra-African trade by as much as 52.3 per cent by 2022 and could double as non-tariffs barriers are eliminated.

Speaking at the 2nd National Conference on the African Continental Free Trade Area in Accra, he urged private sector operators in Ghana to take full advantage of the AfCFTA agreement.

The conference was under the theme: “Empowering Ghanaian Businesses to harness the benefits of the African Continental Free Trade Agreement under the framework of the National Export Development Strategy (NEDS)”

President Akufo-Addo promised Ghanaian enterprises duty-free and quota-free trading on the African continent.

The initiative is to empower Ghanaian businesses in the country.

President Akufo-Addo reiterated the government’s commitment in assisting Ghanaian enterprises.

The Framework for the Grant Disbursement is in fulfilment of Ghana’s pledge and is in line with the host country’s agreement between the Government of Ghana and the African Union/AfCFTA.

The comprehensive scope of AfCFTA has 4 components: The Framework Agreement which establishes the African Continental Free Trade Area; the Protocol on Trade in Goods; the Protocol on Trade in Services; and the Protocol on Rules and Procedures for Settlement of Disputes.