President Akufo-Addo says the African Continental Free Trade Area (AfCFTA) will ensure African countries enter a new era of industrialization.
Speaking at the first African Continental Free Trade Area start trading webinar, President Akufo-Addo said, trade among African countries will be a game-changer due to the implementation of the agreement.
He also said Africa is poised for growth and development.
“We are determined to enter into a new era of industrialization and have access to a single continental market. We will be a game-changer on that market as it will be the key to the ability of businesses on the continent to recover from the adverse effect of COVID-19 and proceed to grow in leverage of the new opportunities available to the market.”
In the meantime, following the commencement of trading under the AfCFTA on January 1, 2021, President Akufo-Addo has assured there will be intensified public education on the agreement in order to attract more businesses to take advantage of it.
The African Continental Free Trade Area is a free trade area founded in 2018, with trade commencing as of 1 January 2021. It was created by the African Continental Free Trade Agreement among 54 of the 55 African Union nations.
Accra serves as the Secretariat of AFCFTA and was commissioned and handed over to the AU by the President of Akufo-Addo.
The Secretariat operates as an autonomous organ of the African Union charged with implementing the decisions of the higher organs of the body in respect of the wide array of areas covered by the Agreement, ranging from industrialization to Intellectual Property, and from trade in professional services to the harmonisation of standards for manufactured goods.