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Business News Tue, 28 Mar 2017

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We'll support locals export to the African region under CFTA – Alan Kyerematen

The government has hinted of its plans to take full advantage of the “Continental Free Trade Agreement (CFTA).” This is according to the Minister of Trade and Industry, Alan John Kwadwo Kyerematen.

According to Mr. Kyerematen, the government is committed to supporting Ghanaian owned businesses which have the potential to expend to the African region by exporting to other African countries using the CFTA.

The Continental Free Trade Agreement which was first hushed in 2008 was expected to create a single continental market for goods and services.

The main objective of the CFTA is to create free movement of business persons and investments, and thus pave the way for accelerating the establishment of the Customs Union.

With December 2017 as the beginning of the policy’s implementation, the CFTA is also expected to enhance competitiveness at the industry and enterprise level through exploitation of opportunities for scale production, continental market access and better reallocation of resources.

Speaking to the thebftonline.com the Minister of Trade and Industry, Alan John Kwadwo Kyerematen said, the government was going to support local business to export to other African countries under the CFTA.

“Hopefully by the end of 2017, Africa is going to become a free trade zone which is under the frame work of the continental free trade area. It does mean that by the end of 2017 hopefully, you can export duty free, quota free to any part of Africa. So, we are not just focusing on ECOWAS or other regional blocks but we are talking about exporting to any country in Africa or let me say on the continent.”

“So, can you imagine, if we as a government can or supports Ghanaian businesses to become more competitive and to be able to expand their export business to the rest of Africa, it will be very good business for government and also for the local businesses themselves,” he added.

The CFTA is expected to bring together fifty-four African countries with a combined population of more than one billion people and a combined gross domestic product of more than US $3.4 trillion.

The deal also aims to strengthen the African bloc's bargaining power when negotiating international deals.

Meanwhile analysts have also suggested the agreement will help continental and intra-regional trade and boost growth.

Source: b&ft.com

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