During the State visit of President Umaro Mokhtar Sissoco Embaló of Guinea-Bissau, President Akufo-Addo highlighted the significant progress of Ghanaian products under the Guided Trade Initiative of the African Continental Free Trade Area (AfCFTA).
President Akufo-Addo noted that since the launch of the Guided Trade Initiative in October 2022, over 700 self-defined AfCFTA products from Ghana, including cosmetics, processed foods, coconut oil, Shea butter, and garments, have been introduced and targeted for the AfCFTA market.
He expressed confidence that such advancements would optimize Ghana’s natural resources and participation in the AfCFTA, thereby fostering progress and prosperity.
Emphasizing the potential of the Guided Trade Initiative, President Akufo-Addo anticipated enhanced intra-African trade, heightened competitive advantages for participating countries, and strengthened global market positions.
He cited Ghana’s successful penetration of the East African market, particularly in Kenya and Tanzania, as evidence of the initiative’s effectiveness.
The Guided Trade Initiative aims to facilitate meaningful commercial exchanges and evaluate the operational, institutional, legal, and trade policy landscape under the AfCFTA, which aims to unify a market of approximately 1.3 billion people with a combined GDP of $3.4 trillion.
In addition to exploring ways to bolster political, economic, cultural, and people-to-people exchanges between Ghana and Guinea-Bissau, the two leaders discussed strategies to attract domestic and foreign investment into both countries.
They also emphasized the importance of cooperation and partnership in their development endeavors.
Furthermore, discussions encompassed cooperation in various sectors such as education, trade and industry, agriculture, fisheries, aquaculture, environment, science and technology, petroleum, hydrocarbon activities, and tourism.
Regarding fisheries development cooperation, agreements were reached on joint venture partnerships, granting licenses to Ghanaian fishing vessels to operate in Guinea-Bissau waters, training initiatives, information exchange, and the signing of bilateral fishing agreements.
Both nations have committed to convene the inaugural session of the Permanent Joint Commission for cooperation within the year to address trade and investment concerns. Additionally, discussions touched upon Ghana’s military presence in Guinea-Bissau as part of the ECOWAS Stabilization Support Mission, focusing on providing security to the President and Presidential palace.