The Deputy Minister-designate for Trade and Industry, Nana Dokua Asiamah-Adjei has said Ghana stand a chance of benefiting immensely from the African Continental Free Trade Area (AfCFTA) headquartered in Accra.
According to Nana Dokua, AfCFTA provides the framework for Ghana’s manufacturers, exporters and other stakeholders in the value chain to leverage its existence in the country to effectively trade with their counterparts in other African countries and other international markets.
Nana Dokua made the disclosure when she appeared before the Appointments Committee of Parliament last Friday.
The Akuapem North Member of Parliament said with Africa’s population standing at 1.2bn and an estimated GDP of $1 trillion, the AfCFTA will tremendously increase the intra-African trade of which Ghana stands a chance of benefiting greatly.
“If we are to compare this to other areas, intra-Asian trade is well over 60%, intra-European trade is well over 50%, and intra-North American trade is well over 40%. Currently, intra-African trade stands at 12% and it is the target of the AfCFTA that by 2022, the intra-African trade will increase to 52%”.
On conflict resolution and compliance, the former Deputy Information Minister said AfCFTA has a well-stipulated framework for dispute resolution. She said if there are issues about compliance from any member state, there are laid down procedures on how to approach and resolve such issues.
She further stated that AfCFTA is going to be able to take after some of the good advantages of ECOWAS to make it (AfCFTA) better.
“With AfCTA in place now, we will be able to make ECOWAS better so that we can still maintain the regional bloc and make it better and still take all the advantages necessary within the AfCTA”, She added.
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