Stage set for increased local, foreign investments under AfCFTA

Ghana remains the safest haven for investors looking to take advantage of opportunities presented by the African Continental Free Trade Area (AfCFTA), owing to its strong macro-economic environment, enhanced democratic credentials and political stability, according to Anthony K. Nyame-Baafi, Technical Advisor, Multilateral, Regional and Bilateral Trade, Ministry of Trade and Industry (MoTI).

Mr. Nyame-Baafi, speaking at the one-day Intra-African Trade Conference 2021 organised by the Association of Ghana Industries (AGI) and Delegation of German Industries and Commerce in Ghana, in Accra, said government has so far laid the necessary foundation to enable the country realise increased investment, both local and foreign.

“Ghana has put in place enough trade and transformation plans as well as investment promotion measures, and is ready for both local and foreign investments under AfCFTA.

“We have developed a national action plan to complement the ongoing industrialisation agenda. This includes setting up institutional mechanisms and structures such as the Inter-Inter-Ministerial Facilitation Committee, National Steering Committee and National AfCFTA Coordinating Office,” he said.

He also explained that technical working groups covering areas such as trade policy, trade facilitation, productive capacity/industrialisation, development finance, factor market integration and trade-related infrastructure – transport and communication – have all been set up to make it easy for investors to establish in the country.

Aside from this, he said, the country boasts good enabling infrastructure – energy, roads, sea ports, airports, telecoms, educated and skilled manpower and access to commercial justice among others, which make it a top preferred destination for investment within the AfCFTA market area.

“AfCFTA is a major milestone toward regional integration and remains a viable vehicle for the industrialisation and economic transformation of African countries. AfCFTA will boost intra-African trade, stimulate investment and innovation, foster structural transformation, improve food security, enhance economic growth and export diversification; and above all, provide fresh impetus and dynamism to economic integration in Africa,” he added.

Under the theme ‘AfCFTA – opportunities for investment and job creation in Ghana’, the event provided an opportunity for potential investors to learn how they can take advantage of the AfCFTA market by setting up in the country.

AGI’s Vice President in charge of Small and Medium Scale Enterprises (SMEs), Humphrey Dake, said more needs to be done to enable local businesses, particularly SMEs, to participate actively in the free market area.