Commonwealth can help AfCFTA become successful - Official

The Ghana Chief of Mission for the Commonwealth Enterprise and Investment Council, the official Trade body created by 56 Heads of Commonwealth Governments to promote Trade and Enterprise has reiterated his call for an active partnership between the AfCFTA and his institution.

Speaking at the recent India-African conclave organised by the Commonwealth and the Confederation of Indian Industries, the Chief of Mission, John Apea stated that although the African Continental Free Trade Area (AfCFTA) agreement has created the largest free trade area in the world, measured by the number of countries participating, by connecting 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at US$3.4 trillion, its tangible economic prospects “largely depends on its deepening of partnerships on specific cross-regional value chains of which the Commonwealth of Nations embodies”.

Mr. Apea said that no other organisation has the depth, breadth, connections and ties that the Commonwealth has, “The Commonwealth is home to a growing membership of 56 countries, 21 of which are African countries, with Gabon and Togo being the most recent to join at the Commonwealth Heads of Government Meeting in 2022. With a regional diversity only second to the United Nations, the Commonwealth covers 2.5 billion people (60% under 30), representing approximately a third of the world’s population, with a combined GDP around $13 trillion and which is estimated to reach 19.5 trillion by 2027”.

He added, “The Commonwealth network provides AfCFTA with important rails into other global networks. For example, Singapore, Brunei and Malaysia can link AfCFTA to the ASEAN network which has a GDP of 3.66 trillion dollars, whilst Canada which is the third largest economy in the Commonwealth, can be an important gateway for AfCFTA into the North American market with a GDP of 31.4 trillion USD. Malta can provide an important gateway into the European Union with a GDP of 15.8 trillion Euros”

He further noted that, of the G77 countries, 44 are members of the Commonwealth, just as 21 of the 39 African Union countries, 12 of the Caribbean Community and the Organisation of the Islamic Conference, 10 of the Pacific Island Forum, and seven of the Asia-Pacific Economic Cooperation are all Commonwealth countries.

Mr. John Apea who is also the Chief Executive of Technology giant eTranzact Ghana stated, “The compounding effect of AfCFTA is clear to see. As a Tech Chief Executive, and Business Head of the Commonwealth, there is no doubt that AfCFTA is definitely a game-changer and has the potential to increase employment opportunities and incomes and lift around approximately 50 million Africans out of moderate poverty and make African countries more competitive, if the correct implementation and right partnerships are developed."