Deputy Minister of Commerce and Industry, Herbert Krapa

Deputy Minister of Trade and Industry Herbert Krapa has announced that Ghana, along with seven other countries, are set to start trading under the African Continental Free Trade Area (AfCFTA) .

So far, 54 African countries have signed the AfCFTA agreement and 46, including the Customs Union, have submitted their tariff offers.

According to Herbert Krapa, 87.7% of tariff lines have been agreed in negotiations on rules of origin and phase two negotiations on investment, intellectual property rights, competition policy, women and young people in commerce and digital commerce were underway.

Speaking at the Export Trading Company Seminar in Accra, the Deputy Minister of Trade and Industry said: “Real trade starts between Cameroon, Egypt, Kenya, Mauritius, Rwanda, Tanzania, Tunisia and Ghana. In the weeks to come, the dream of our ancestors will take off, however historic the moment. »

He further commended Afrexim Bank for establishing export trading companies across Africa to facilitate trade across the continent.

The AfCFTA was introduced in 2018 and aims to create a single market for Africa, as well as ensuring the free flow of goods and services across the continent.

This free movement of goods and services will help to develop intra-African trade.

This implies that the goods will be sold at a relatively cheaper price due to the increase in production which, in turn, will create direct and indirect employment for the many unemployed young people.

The free trade area also allows traders and/or importers to remain competitive.

Business, when conducted in a free and secure environment, will contribute to reducing poverty in Member States and creating sustainable development.

ESA/FNOQ