Parliament Adopts Agreement For Africa Continental Free Trade

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Parliament on Thursday evening adopted accordingly the agreement establishing the African continental free trade area (AfCTA).

27 African states in March signed a pact for free movement of goods and services, at Kigali, Rwanda, where Ghana also took part.

The objective of the AfCFTA among other things is to create a single market for goods and services, facilitated by the free movement of persons in order to deepen the economic integration of the African continent.

AfCTA is expected to create the world’s largest single market which targets 1.2 billion people and GDP of $3.4 trillion when commenced.

AfCTA also commits governments to remove tariffs on 90% of goods produced within the African continent. Countries which signed have to ratify the agreement at national level within six months.

17 countries said they would ratify AfCTA partially without allowing for free trade.

Burundi, Nigeria, Guinea Bissau and Eritrea did not sign the protocol.

 

Ghana Adoption

In parliament today, the minister for Trade and Industry, Alan Kyeremateng underscored the importance of AfCTA when he first presented the agreement to the house, saying it is one of the best trade agreements Ghana has ever committed to.

Mr Kyeremateng said the implementation of the agreement will widen opportunities for export of value added products from the country .

He added the ratification of the Agreement will also give the country the opportunity to compete for the hosting of the Secretariat of the body .

After the presentation, the house voted in favour of the agreement.

 

Story by: Princess Arita Anim & Henryson Okrah/mypowerfmonline.com

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