Afreximbank earmarks $10 billion to support AfCFTA Adjustment Fund – BoG Governor

Governor of the Bank of Ghana, Dr Ernest Addison, has said that Afreximbank has provided $10 billion in funding to be used as an adjustment fund to support countries under the African Continental Free Trade Area (AfCFTA).

According to him, the fund will ensure that African countries under the free trade pact and their respective private sector entities can effectively participate in trading.

He explained that the AfCFTA Adjustment Fund, which is being established by the AfCFTA Secretariat with support from the Afreximbank, follows a directive from the African Union (AU) Summit of Heads of State and Government and the AfCFTA Council of Ministers responsible for trade.

“Afreximbank is also collaborating with the AU Commission and the AfCFTA Secretariat to implement the biennial intra-African trade fairs, which may become the premier marketplace for the promotion of intra-African trade and investments."

“This, coupled with the establishment of the fund for which Afreximbank is providing the funding of $10 billion, could help African countries effectively adjust to AfCFTA tariff removals and prepare them to participate in the new trading regime,” he said.

Dr Addison further noted that the fund would help African countries to effectively adjust to AfCFTA tariff removals and prepare them to participate in the new trading regime.

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