AfCFTA: Benefits of trade pact a game changer for Ghanaian businesses – Trade Minister

Trade Minister, Alan Kyerematen has urged Ghanaian businesses to leverage on the opportunities presented through the implementation of the African Continental Free Trade Area.

According to him, the trade pact, when well harnessed, could serve as the game changer for Ghana’s economic transformation.

Speaking during a 2021 Economic Dialogue webinar organised by Deloitte Ghana on Tuesday, March 23, 2021, Alan Kyerematen pointed that Ghanaian businesses have the opportunity to fast-track recovery by taking full advantage of the AfCFTA.

“Without doubt, AfCFTA could be considered as the game changer for the economic transformation of Ghana, if we as a country can harness the benefits of AfCFTA. Notwithstanding the challenges posed by COVID-19 pandemic, Ghanaian businesses have the opportunity to fast-track recovery by taking full advantage of the AfCFTA.”

“The Agreement is expected to provide opportunities for businesses in Ghana to export goods to other African countries Duty-Free and Quota-Free without barriers or challenges. It is also worth noting that under the Protocol on Trade in Services which was negotiated as part of the AfCFTA Agreement, Ghanaian businesses can now exploit fully, opportunities in Africa in five Service sectors namely, Transport, Communication, Financial Services, Tourism and Business Services,” the minister explained.

Implementation of AfCFTA

The AfCFTA agreement would see a much-reduced tariff regime that would enable traders, exporters, and small and medium enterprises to transit their goods and products efficiently.

The Intra-African trade pact would witness 90 percent of all goods traded enjoy a tariff-free regime from all countries that have signed agreements and deposited their instruments of AfCFTA ratification.

So far, some 54 out of 55 African countries are participating in the single trade market pact including Ghana This would make the AfCFTA the largest number of member countries in any trade deal since the formation of the World Trade Organization.

Accra-Ghana currently serves as the Secretariat of AfCFTA and was commissioned and handed over to the African Union by President Nana Addo Dankwa Akufo-Addo on August 17, 2020, in Accra.

Read Deloitte Ghana's summary of the 2021 Budget statement below: