AfCFTA to transform Africa’s endowed natural resource potential – Akufo-Addo

President Akufo-Addo has indicated the successful implementation of the African Continental Free Trade agreement stands to unlock Africa's natural resources.

The trade pact, he believes will transform the value chain of an endowed continent like Africa.

Speaking at the Business Forum to commence trading in Ghana, President Nana Addo Dankwa Akufo-Addo outlined, “The AfCFTA will increase intra Africa trade by as much US$35 billion per year by harnessing the purchasing power of 1.2 billion Africans.”

He added, “It will also increase the export revenue earnings in Africa, promote regional value chains, and create massive jobs opportunities for the youth of Africa.”

The President reiterated that the implementation of his administration flagships programmes such as the One District, One Factory, Planting for Food and Jobs and others is designed to transform Ghana’s economy and position it as the trade and manufacturing hub.

“Government is committed to ensuring adequate financial and human resources are mobilised to make Ghana the new commercial centre for trade and investment on the continent, a duty we shall fulfil as the host country of the AfCFTA Secretariat,” Akufo-Addo pointed.

With some 54 out of 55 African countries participating in the single trade market pact, the AfCFTA would have the largest number of member countries in any trade deal since the formation of the World Trade Organization.

Trading was originally tipped to start on July 1, 2020, but suffered a setback as a result of the novel Coronavirus pandemic leading to the suspension of negotiations.

The Intra-African trade pact would witness 90 percent of all goods traded enjoy a tariff-free regime from January 1, 2021, for all countries that have signed agreements and deposited their instruments of AfCFTA ratification.