Ghana has today, Wednesday, March 21, 2018, signed an agreement to establish the African Continental Free Trade area which is aimed at boosting economic growth across the continent.
The President Nana Akufo-Addo, who appended his signature to the deal stated that Ghana is fully committed to the success of the Continental Free Trade Area.
The deal was signed by representatives of 44 of the 55 African Union member states after its formal launch in Kigali, Rwanda, at an Extraordinary Session of the Assembly of Heads of State and Government of the African Union.
With the CFTA described as “the largest free trade area created since the formation of the World Trade Organisationâ€, President Akufo-Addo noted that Ghana has already indicated her readiness to host the CFTA Secretariat in Accra.
“Fifty-five years ago, the Organisation of African Unity (OAU) was formed to spearhead the struggle for liberation and de-colonisation of our continent. Its triumph ushered us into the era of the African Union (AU), our continental body, which is now the champion of our collective interests in the global community,†the President said.
He continued, “The time is now right that we demonstrate a strong political will to make the African Union an economic and political success, and to make the project of integration real.â€
President Akufo-Addo further explained that with Africa's population set to reach 20 billion in 20 years, an increase in free trade presents opportunities to strengthen relations between African countries.
“An increase in trade is the surest way to develop fruitful relations between our respective countries. It will mean a rapid increase in exchanges of our agricultural, financial, industrial, scientific and technological products, which would enhance dramatically our attainment of prosperity, and the prospects of employment for the broad masses of Africans, particularly our youth".
The agreement once established will commit countries to remove tariffs on 90 percent of goods, with 10 percent of "sensitive items" to be phased in later. It will also liberalise trade in services and might in the future include free movement of people and a single currency.