Dr. Fareed Arthur, the National Coordinator for the Africa Intercontinental Free Trade (AfCFTA), has encouraged the Ghanaian business community and stakeholders in the commerce industry to fully support the Programme in making Africa a trade powerhouse.
He said the government among other African countries had resolved to trade among themselves, with 40 African countries signing the initial agreement in 2018.
“The government has taken the extra duties of setting up the Architecture for implementation to further boost the success of the initiative…. everybody must be on board and play an active part in the successes we so desired”.
Dr. Arthur said, “what we require most importantly is the proper Coordinating mechanism to unearth the potential of a more prosperous and resilient Africa.”
The National Coordinator was speaking at the Western Regional Conference and Stakeholders Engagement on the Implementation of the AfCfTA agreement in Takoradi.
The Conference took participants through the key milestones chalked, including the guided trade initiatives that commenced in October last year.
The AfCFTA would be the world’s largest free trade area bringing together the 55 countries of the African Union (AU) and eight Regional Economic Communities (RECS) with a distinctive mandate to create a single continental market for about 1.3 billion people and a combined GDP of approximately US$3.4trillion.
It is one of the flagship projects of Agenda 2063, as the African Union’s long-term development strategy for transforming the continent into a global powerhouse.
AfCFTA also existed to eliminate trade barriers and boost intra-Africa trade, contributing to establishing regional value chains in Africa, which enabled investment and job creation.
Mr. Jacob Gyamfi Aidoo, the Senior Administrator, of Stakeholders and Capacity Building, said progressively it would eliminate tariffs and non-tariff barriers to trade in goods, liberalize 90 percent of tariff lines traded under the AfCFTA over a period of five to 10 years with seven percent of tariff lines listed as sensitive products to be liberalized.
He said three percent of tariff lines considered as restricted goods would be excluded from tariff liberalization, adding that, the agreement allowed special treatment for Least Developing Countries (LDCs) with longer implementation periods.
Mr.Aidoo said to maintain a common external tariff, LDCs and non-LDCs that were part of the same customs union were required to apply the same times for implementation adding that, “Ghana as a member of the ECOWAS will be applying a 10-year timeframe.”
The government launched a policy framework in August 2022 through comprehensive stakeholder consultations with seven components; made up of, Trade Policy, Facilitation, enhancing Productive Capacity, trade Related Infrastructure, trade Information, trade, and Development Finance.
Meanwhile, requirements for trading under AfCFTA stipulated that goods must originate from State Parties with AfCFTA Certificate of Origin as proof of origin.
Such goods must also undergo a substantial transformation and some value addition.
Mr. Aidoo said goods and services must comply with the Schedule of Tariff Concessions.
Mr. Jonathan Dabrah, the Principal Revenue Officer, Tariffs and Trade of Customs, GRA, said Ghana’s role as the Designated Competent Authority mandated Customs to assure the origins of products.
He said the trade tariffs had so received some reduction to encourage more players.
Mr. Dabrah asked for the continual support of the business community as Ghana had become the test case for the establishment of a Continental Customs Union.
The Western Regional Minister, Mr Kwabena Okyere Darko-Mensah, said the Region, was of much economic importance to Ghana; being home to 51percent of Ghana’s cocoa, 98 percent of Ghana’s rubber, 85% coconut, 65% of Ghana’s gold, 100% manganese and 100 percent of Ghana’s Oil and Gas.
He said the region has the potential to foster industrialization, job creation, and investment, thus enhancing its competitiveness.
It’s clear we cannot achieve the Sustainable Development Goals (SDGs) or Agenda 2063 without responsible business leadership and strong multi-stakeholder partnerships and a prosperous and thriving Africa, with strong economies and robust markets.
Mr Darko-Mensah applauded the private sector, manufacturers, and entrepreneurs whose hard work contributed exceptionally to the progress of the Region.
The Association of Ghana Industries, the Ghana Export Promotion Authority, the Takoradi Technical University, and other Regulatory Bodies enlightened Micro, Small and Medium Enterprises on how they could leverage on the benefits that AfCfTA presented.
-Ghana News Agency
