A Total of 180 companies are currently being programmed to export to markets under the African Continental Free Trade Agreement (AfCFTA).
Trade and Industry Minister, Alan Kwadwo Kyerematen, who disclosed this, said the country has a programme of action to support these companies to succeed, noting that a National AfCFTA Coordination Office was established in 2021 to take advantage of AfCFTA.
Answering questions on the floor of Parliament on Thursday, Mr. Kyerematen indicated that the programme of action was intended to provide capacity building and support to selected Ghanaian companies to “meet not only the quality standard, but also to identify strategic markets for them.”
He stated that a comprehensive national policy and action plan for AfCFTA had been completed and it is aimed at assisting medium to large scale companies in Ghana to export to the AfCFTA market.
“Mr. Speaker, the African Continental Free Trade Agreement (AfCFTA) creates a single market for Africa comprising over 1.3 billion people with an estimated GDP of US$3.0 trillion, aimed at increasing trade between African countries,” he added.
He noted that the prospects of the AfCFTA include establishing economies of scale for enterprises operating in Africa; adding value to Africa’s abundant natural resources and promoting economic diversification and industrialisation.
The minister said through AfCFTA, Africa’s regional value chains were being developed, cross border investments as well as free movement of goods and services were being facilitated; while investments were attracted into Africa with strong regional and local content. Additionally, he said it enhanced access to an expanded market for SMEs in Africa on preferential trade terms.
“The AfCFTA will enhance Government’s current Industrial Transformation Agenda and contribute to the diversification of the Ghanaian economy in line with the Government development agenda — Ghana Beyond Aid,” he added.
Mr. Kyerematen said “Ghana will support the successful implementation of the AfCFTA for accelerated inclusive growth and development of Africa. Ghana will also enjoy many other collateral benefits which would enhance income levels of many Ghanaians.”
He disclosed that trading under the AfCFTA commenced on January 1, 2021, and Ghana was the first country in Africa to export under AfCFTA.