The Mayor of Accra, Mohammed Adjei Sowah has unveiled Accra as the commercial capital of Africa.
The unveiling was done at the ongoing 4th Ghana International Trade and Finance Conference at the Mövenpick Hotels & Resorts in Accra under the theme: “Optimising AfCFTA for Africans; the role of Logistics Infrastructure”.
The branding according to Mayor Sowah was intended to “announce to the entire African continent that Accra is ready to play a key role in trade facilitation across the continent”.
He expressed the city’s readiness to welcome global trade financiers, insurers, logistics companies, technology companies, scientific researchers, manufacturers and pharmaceutical giants to conduct business.
“As the host city of Ghana Government’s administrative machinery, the AfCFTA Permanent Secretariat and a financial hub, Accra has a well-developed infrastructure, political and judicial governance for promoting intra-African trade,” he said.
He applauded the President, Nana Addo Dankwa Akufo-Addo and his team, as well as past governments for investing tremendously in market reforms, institutional framework and trading infrastructure aimed at affirming Ghana as the eminent investment destination and gateway to Africa.
“I want to particularly pay tribute to the President of Ghana, His Excellency President Nana Addo Dankwa Akufo-Addo and the Senior Minister, Honourable Yaw Osafo Marfo who have worked tirelessly in support of the Continental Free Trade Agreement and for successfully making ACCRA the host city of the AfCFTA Permanent Secretariat. I also pay tribute to Ghana’s political leadership, both past and present for investing tremendously in market reforms, institutional framework and trading infrastructure aim at affirming Ghana as the eminent investment destination and gateway to Africa,” he said.
He disclosed that a report of a study by the World Bank on the impact of the AfCFTA released on 27th July 2020, discovered that the Continental Free Trade Agreement was expected to lift around 68 million Africans out of moderate poverty and make African Countries more competitive adding that the trading pact could boost Africa’s income by some $ 450 billion by 2035.
“The AfCFTA presents us with an opportunity to achieve substantial progress with diverse local economic objectives in alignment with our sustainable development agenda. Our goal would be working with our constituents to actively take advantage of the benefits Ghana and Africa will derive from AfCFTA including employment and income growth,” he said.
Ing. Yaw Osafo -Maafo, Senior Minister in a keynote address charged the City of Accra to forge alliances anchored on the President’s vision of Ghana Beyond Aid, to promote skills development, drive entrepreneurial acumen, build a resilient ecosystem of the supply chain, attract the required investment and financing, encourage inclusion by all members of the City as well as all and sundry in producing quality and desirable goods for Africa.
He also admonished African countries to work hard to achieve an optimal combination of investment in both soft and hard infrastructure.
“Ghana has been investing in roads and railways to provide physical connectivity for movement of goods, services, and people.”
“Despite the severe constraints imposed by the COVID-19 pandemic, Ghana continued to invest in road and rail infrastructure in preparedness to facilitate trade within and across its borders. The digitization policies of the government led by the able Vice President of the Republic of Ghana, Dr Mahamudu Bawumia are a complementary investment in soft infrastructure to achieve scale and trade optimisation,” he said.
“These investments demonstrate Ghana’s commitment to market liberalisation within the context of the Continental Free Trade Agreement, and in compliance with global trade protocols,” he added.
The Chief Executive Officer of the Ghana International Trade & Finance Conference, (GITFIC) Mr Selasi Koffi Ackom, said whilst the prospects look great and promising, it was important for Africa to tie all knots and loosed spaces, reject foreign structural adjustment policies and influences, and have Africans owe the Continental Free Trade Project.
