President Akufo-Addo has launched Ghana’s trading under the African Continental Free Trade Area agreement, AfCFTA.
The agreement, which came into effect on the first of January this year, is billed to become the largest trading area in the world.
President Akufo-Addo said government will mobilise the necessary human and financial resources to make Ghana the new commercial hub for trade finance and investment in Africa.
The Business Forum put together by the Ministry of Trade and industry focused attention on the implementation arrangement for start of trading under AfCFTA.
The AfCFTA, now the world’s largest free trade area since the formation of the World Trade Organisation, will cover a market of one point two billion people, with a combined GDP of two point five trillion dollars, across the fifty-four Member States of the AU that have signed up to the Agreement.
With the launch of Ghana’s trading under the market, Ghanaian businesses are set to take advantage of trading in order to expand their businesses.
It is estimated that a single Continental African market will increase intra-Africa trade. Minister of Trade, Alan Kyeremateng was optimistic AfCFTA will succeed.
The Secretary General of AfCFTA, Wamkele Mene, said AFCTA if implemented properly will lift millions of Africans out of poverty.
President Akufo-Addo charged all stakeholders in the export value chain to ensure Ghana achieve a non-traditional export revenue target of $25 billion within the next ten years.
The customs division of the Ghana revenue authority was conferred with competent authority to operate under AfCFTA.