- August 24, 2022
- Posted by: Benjamin Alomatu
- Category: Economics, GIPC News, Home, Invest in Ghana, News, Press & Media
In July 2019, Ghana was selected ahead of six other countries, to host the Secretariat of the African Continental Free Trade Area (AfCFTA). The decision, according to regional leaders, was ‘fitting’, considering Ghana’s significance to commerce in Africa.
With this move, Ghana becomes the headquarters of the game-changing project which will boost intra-African trade by establishing a mutually beneficial trade agreement among member states.
The AfCFTA is projected to eliminate tariffs on 90% percent of goods produced on the continent, as well as other non-tariff constraints, with the ultimate aim of aggregating African countries, to create a single market.
It will connect 1.3 billion people across the 55 African countries with market size of $3 trillion, to create the largest trade bloc in the world. The AfCFTA will increase intra-Africa trade by 52%, boost Africa’s exports by $560 billion, and lift an estimated 30 million people out of extreme poverty.
Therefore, being the headquarters of such a trade treaty is not merely symbolic; it benefits the country’s economy and its businesspeople in several ways.
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