Minister for Foreign Affairs and Regional Integration, Shirley Ayorkor Botchwey, has reassured the business community that the African Continental Free Trade Area (AFCFTA) would become fully operational from January 1, 2021.
She made the announcement during a meeting with the new executives of the Ghana National Chamber of Commerce and Industry (GNCCI).
The objective of AFCFTA is to create a continental market for goods and services, with free movement of people and capital, and to pave way for creating a custom union.
Madam Shirley Ayorkor Botchwey, during the meeting indicated that the stable environment in Ghana and the presence of the AFCFTA Secretariat in the country are likely to act as pull factors for Foreign Direct Investment, which will require local partnerships hence it is important for the private sector to understand that the AFCFTA is a homegrown solution to over century-old trade problems, which have been limiting African countries from trading among themselves.
According to her, the Ghanaian private sector stands tall among its peers on the continent, particularly in West Africa, stating that the role of the private sector will be critical if Ghana maximizes the full benefits presented by the continental market.
“The role of the private sector is critical if Ghana is to maximize the full benefits of the agreement and opportunities presented by a continental market size of 1.2 billion with a GDP of $ 3 trillion”, the Foreign Minister noted.
She emphasized that the Economic, Trade and Investment Bureau of the Ministry was purposely re-established to serve the business interests of the Ghanaian private sector, indicating satisfaction at the level of co-existence between the Ministry through the Bureau and the Chamber.
Shirley Ayorkor Botchwey further urged the leadership of the Chamber to spread the news of the AFCFTA to their members at the regional and district levels to enable them participate fully in its implementation.
