Dr. Daniel McKorley, Executive Chairman of the McDan Group, is confident that the Memorandum of Understanding (MoU) signed between McDan Group and the Kenyan government will bring substantial progress in advancing the AfCFTA.
He anticipates that this initiative could generate approximately $1 billion in revenue, as his company positions itself to play a major role in facilitating smooth trade across the continent under the free trade agreement.
Speaking to CNBC Africa, Dr. McKorley highlighted their strategic investments in port infrastructure and logistics in Kenya, aimed at closing trade gaps and overcoming barriers, particularly between Ghana and Kenya, as part of a broader effort to enhance trade between West and East Africa.
“The MoU is intended to facilitate business between the countries, and it is quite comprehensive. We are moving almost 100 containers with an annual turnover of about US$1 billion. However, it involves more support services for each country, which is why it is bilateral,” he said.
He underscored that infrastructure is essential for facilitating trade activities under the AfCFTA, stressing that investing in these areas is vital for the effective movement of goods and services throughout the continent.
Serving as a free trade zone for 1.3 billion people across 55 nations, the AfCFTA, based in Ghana, offers significant new market potential, boosts industrialization, and opens up new investment opportunities, all backed by a combined Gross Domestic Product (GDP) of US$3.4 trillion.