Local authorities urged to support private sector to make AfCFTA success

Municipal and Metropolitan Authorities are being urged to empower Private sector institutions in their various assemblies and communities to support the work of government in making the Africa Continental Free Trade Area (AfCFTA) a success.

Minister for Trade and Industry, Alan Kyerematen who made the call believes that the country can benefit immensely from the agreement if local authorities and the private sector collaborate in improving government policies towards the agreement.

The Minister was speaking at the launch of the National AfCFTA Policy Framework and action plan for boosting Ghana’s trade with Africa.

Local Authorities urged to support private sector to make AfCFTA a success
Alan Kyerematen

The policy framework aims at serving as a guide for Ghana’s implementation of the continental free trade agreement. Ghana has already taken the lead in exporting some products to other neighboring countries under the agreement since it kicked off in 2020.

Speaking at the launch the policy document and action plan for boosting Ghana’s trade with Africa, Mr.  Kyerematen called on authorities to support efforts in empowering the private sector.

“It is my wish therefore that ministries, department and agencies as well as metropolitan, municipal and district assemblies, together with institutions such as banks, insurance companies, transport and logistic companies will all work together to empower the private sector of Ghana to have the full benefit of the AfCFTA”.

Speaking on behalf of President Akufo Addo, Minister for Information, Kojo Oppong Nkrumah assured that Balance of Payment and economic challenges experienced by African countries due to external factors can be resolved when the agreement becomes successful.

“As you are aware, African countries cannot overcome the current economic challenges occasioned by the incidence of the COVID-19 Pandemic and the Russia-Ukraine war if we do not develop measures to improve the productive capacities of the private sector and increase intra-African trade. 

The effective operationalization of the AfCFTA in Ghana would significantly boost Ghana’s Balance of Trade, stimulate investment and innovation, diversify exports, improve food security, foster structural transformation, enhance economic growth, and above all, provide jobs for the youth”.

He stated that a successful implementation of the programs under the framework will ensure that thousands of Ghanaian businesses can ride on its back and export significantly into the African continent.

“To the Ghanaian private sector, your government is working through this and other initiatives to make it relatively easier for you to get access to this large market of over a billion people to enable you trade more goods and services out. Yours is to take advantage of it and collaborate with us to resolve any teething challenges that may come up. But no matter the nature of the challenges be resolved to work with us, hand in hand, to make this work,” he noted.

So far, about 46 countries have ratified the agreement paving the way for trading with each other.