Minister of Trade and Industries Alan John Kojo Kyeremanten has cautioned members of the African Continental Free Trade Area (AfCFTA) to put measures in place to ensure a successful implementation of the trade deal.
Addressing a business forum in Accra dubbed "Start of AfCFTA Trading in Ghana: Implementation Arrangements", the Trades Minister said AfCFTA is the beginning of the implementation stage of a single market for the continent.
He explained that although the African continent has embarked on several centralized trade agreements, their successes have been minimal.
“This is not the first time our continent is embarking on a union market initiative. As you are all aware, we have had a comprehensive Africa Agricultural Program. We have had PIDA, IDA, APRM, AMV etc. All these continent initiatives have seen a varying degree of operational success due to operational challenges.”
Mr Kyeremanten, therefore, charged member countries to work around the clock for AfCFTA to be realised.
“We are not afraid of the implementation of AfCFTA but it is appropriate to sound a level of caution particularly because of the issue of implementation.”
The trading phase under the African Continental Free Trade Area (AfCFTA), signed by 54 of the 55 countries in Africa began on January 1, 2021.
The deal unites an estimated $3 trillion market and could help to realise more than $84 billion in untapped intra-African exports, according to a new report by the African Export-Import Bank (Afreximbank).
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