Minister-Designate for Trade, Agribusiness, and Industry, Elizabeth Ofosu-Adjare, has reaffirmed the government’s commitment to utilizing trade agreements, particularly the African Continental Free Trade Area (AfCFTA), to boost Ghana’s export sector and create sustainable employment opportunities.
Appearing before Parliament’s Appointments Committee on Wednesday, January 22, Mrs. Ofosu-Adjare outlined the government’s strategy to position Ghana as a leading exporter within Africa, leveraging the AfCFTA agreement and other international trade frameworks.
“Once we produce more, the whole idea is to export, and fortunately for us, there are trade agreements. We are going to leverage the African Continental Free Trade Area (AfCFTA) and other trade agreements to promote our exports, to make sure that we have the market for the products that we produce,” she emphasized.
Mrs. Ofosu-Adjare described the AfCFTA as a transformative opportunity for Ghana to access larger African markets, ensuring that the country’s products gain visibility and demand beyond its borders. She noted that this aligns with the government’s broader goal of establishing a 24-hour economy to stimulate production and job creation for the youth.
“The whole idea of providing jobs for our teaming youth is through the 24-hour economy, and so as we produce, we are looking for markets, leveraging the trade agreements that we have to ensure that our products are exported,” she stated.
With Ghana hosting the AfCFTA Secretariat in Accra, the Minister-Designate highlighted the country’s strategic advantage in becoming a hub for intra-African trade. She revealed plans to work closely with AfCFTA structures and other international trade organizations to enhance the quality of Ghanaian products, ensuring they meet global standards and remain competitive in international markets.
President Akufo-Addo has honored his commitment to grant visa-free entry to all African nationals visiting Ghana.
This initiative, first announced at the Africa Prosperity Dialogues (APD 2024) in January, is designed to promote the unrestricted movement of people, goods, and services within the continent.
The policy, which received executive approval on December 18, 2024, will be implemented before the end of Akufo-Addo’s presidency on January 6, 2025.
In line with the African Union’s aspirations for economic integration, the move aligns with the objectives of the African Continental Free Trade Area (AfCFTA).
Ghana will now join the ranks of countries like Rwanda, Seychelles, The Gambia, and Benin that offer visa-free access to all African passport holders.
This policy is expected to play a key role in advancing Africa’s integration agenda, creating a more interconnected and collaborative business and governmental landscape across the continent.
In his APD 2024 keynote address, delivered under the theme “Developing Prosperity in Africa: Produce, Add Value, and Trade,” President Akufo-Addo reaffirmed Ghana’s commitment to the visa-free initiative.
“Many of you had to acquire a visa to attend this event,” he said, referencing a special arrangement that reduced visa fees for participants.
“The government of Ghana is committed to ensuring visa-free travel for all Africans, and the process has begun to implement the policy this year,” he assured attendees.
The policy has been communicated to the Ministry of Foreign Affairs and Regional Integration, as well as the Ministry of the Interior, both of which have begun preparing for its rollout.
The Ghana Immigration Service is expected to officially announce the start date, which is anticipated to be Wednesday, January 1, 2025.
This initiative aims to boost business, tourism, and cultural exchanges across the continent, reinforcing Ghana’s role as a key player in fostering African unity and integration.
The policy comes in response to criticism surrounding stringent immigration rules in other African countries, underscoring the need for a more open and accessible approach to travel across the continent.
Business tycoon Aliko Dangote, Africa’s wealthiest individual, highlighted the challenges of dealing with visa requirements, further emphasizing the importance of this policy in easing movement within Africa.
“As an investor, I have to apply for 35 different visas,” he lamented at a business forum in Rwanda.
Mr. Dangote’s statement sheds light on the struggles faced by African business leaders and investors, who frequently find it easier to travel to Europe or the United States than to other African countries.
Ghana, the host country for the AfCFTA Secretariat, has been a strong advocate for the idea of a unified Africa, a vision that was first put forward by the nation’s founding father, Dr. Kwame Nkrumah.
Unlike Ethiopia, which has received backlash for its stringent visa policies, Ghana’s initiative provides a forward-thinking example for the rest of Africa.
Ghana and several other African countries are set to benefit from a $150 million fund aimed at reducing financial risks to support the African Continental Free Trade Area (AfCFTA).
This initiative extends to Senegal, Angola, and Botswana, which are outside the usual coverage of the Trade Development Bank (TDB). Other regions, including East, North, and Southern Africa, will also benefit. The funds will focus on key areas like agriculture, food security, energy, manufacturing, telecommunications, and other services.
The African Development Bank (AfDB) and the Trade Development Bank made this possible by signing a partnership agreement during the 2024 Africa Investment Forum (AIF) in Rabat, Morocco, on December 6.
Ahmed Rashad Attout, Director of the AfDB’s Financial Sector Development Department, described the agreement as a partnership to drive meaningful economic transactions.
He explained that this fund is expected to generate about $1.8 billion in trade financing, helping businesses across Africa, including women-owned enterprises, access the resources they need to thrive.
“It’s part of our implementation of the Africa Continental Free Trade Area. So, we see this as really the beginning of a much larger and wider relationship. We also expect that we’ll be expanding the range of products that we are able to support under this risk participation agreements,” said Mr Attout.
Ms Wegoki Mugeni, Chief Operating Officer, East Africa, TDB, explained that the idea was for the two banks to share the financing risks and support, especially private sector companies focused on expanding their operations across Africa.
She said the risk participation facility would assist key sectors that drove Gross Domestic Product (GDP) to deepen intra-African trade support the development of the continent and uplift the living standards of its people.
“Going forward, the Bank will ensure that we continue to support financial institutions in low-income countries and expand the fiscal credit available to the private sector as well as other sectors in the region,” she said.
The African Continental Free Trade Area (AfCFTA) Secretariat has announced its call for reputable and qualified vendors to pre-qualify for the supply of goods, services, non-consulting services, and works.
Interested vendors must complete the pre-qualification process by submitting a Google Form application no later than Monday, January 20, 2025, at 5:00 p.m. GMT.
This initiative aims to streamline procurement processes for upcoming tenders as the Secretariat continues its mission to foster intra-Africa trade and economic development.
Vendors from both local and international markets are encouraged to apply for pre-qualification, provided they meet the eligibility criteria. These include a clean record free from suspension by organizations such as the African Union (AU), United Nations (UN), World Bank, or other public institutions.
Pre-qualified companies will gain exclusive access to Requests for Proposals (RFPs) and Requests for Quotations (RFQs) tailored to their expertise and capacities.
Application Guidelines
The form requires attaching essential documentation, including:
Certificate of incorporation
Company profile
Evidence of tax payment
Labor certificates (specific to works)
Proof of public procurement registration (where available)
Valid Ministry of Works and Housing certificates for applicable works
Evidence of at least three similar past services or goods delivered, along with client references
Local companies must also provide a Public Procurement Authority (PPA) certificate, and contractors are allowed to apply for more than one category.
For additional details or clarifications, vendors can reach the Travel & Procurement Unit at afcftatender@au-afcfta.org and copy relevant contacts provided in the announcement. Submissions are strictly electronic, with physical documents not accepted.
The Chief Executive Officer of Ghana Trade Fair Limited, Dr. Agnes Adu, has revealed plans for a state-of-the-art multipurpose facility, inspired by global venues like the O2 Arena in the UK and the Javits Center in New York.
In an exclusive interview on Face to Face with Umaru Sanda Amadu on Channel One TV, Dr. Adu provided details of the ambitious redevelopment.
The new facility will offer a range of modern amenities, including a hotel, conference halls, exhibition spaces, restaurants, a data center, and a special area dedicated to the African Continental Free Trade Area (AfCFTA).
The facility is expected to cover around 20,000 square meters of indoor space. Dr. Adu stressed that this redevelopment would transform the Ghana Trade Fair into a premier destination for both local and international events, making a significant contribution to the country’s cultural and economic growth.
“We are building the major convention centre in Ghana. It sits on about 20,000 square meters of indoor space. Properly serviced in-door, airconditioned just like you see 02 Arena or Javits Centre in New York. When you come to Accra, there will be such a convention centre.
“The exhibition hall and the convention centre floor measure 10,000 square meters. We use conservative estimates that if you want to do a huge concert, standing room only, you can use maybe four to six people per square meter.
“We conservatively use about three people per square meter. So you can put about 30,000 people in a standing room. So it depends on how you want to shape the space.
She added, “It’s a multipurpose modern facility. We are building multipurpose, multifunctional halls, exhibition floors, and open exhibition floors. You set up 1,000 people in a convention and an exhibition. When you are done, you pack it all up. We have storage spaces, and then you set up the next event, let’s say a seated wedding. Then you take it up and let’s say you set up stadium seating. So we will have all those options that you will come and rent those spaces.
“The lobby will be a proper lobby of 5,000 square meters or so. If you have 10,000 people in the exhibition hall they can move freely. You have a restaurant in the lobby. We will have a gift shop that will be all made-in-Ghana products, a Forex bureau, a back house, and a hotel on the side. We’re partnering with a private developer to build a data centre, amusement centre, retail space and AfCFTA secretariat.”
Dr. Adu revealed that multiple contractors are already on-site, with more expected to join the project in the near future.
“We started construction in 2020, power, roads, drains we have addressed all that. We have completed all the infrastructure on site. Now we’re building the convention and exhibition centre. We had a little break from 2020 to 2022, then we came back on site to finish the work.”
Chief Revenue Officer of the Ghana Revenue Authority (GRA), Jonathan Dabrah, has recognized that although Customs plays a key role in enforcing trade regulations, its success heavily relies on close cooperation with private sector stakeholders.
Speaking on the Eye on Port television program, Dabrah stressed the importance of Customs in facilitating trade under the African Continental Free Trade Area (AfCFTA). He urged for enhanced collaboration between the Customs Division, Customs House Brokers, and the private sector to ensure the seamless application of the rules of origin under the agreement.
“The success of AfCFTA lies in collective efforts. We can’t achieve much if Customs works in isolation. It’s crucial that brokers, traders, and manufacturers all align with the standards and expectations under the agreement,” Mr. Dabrah stressed.
He called on all stakeholders to strengthen their engagement with Customs, highlighting the ongoing capacity-building initiatives aimed at equipping brokers and other key players with the necessary skills to adhere to the new trade protocols.
The conversation focused on the Rules of Origin, a critical component of AfCFTA, which determines the economic nationality of goods, ensuring that only eligible products benefit from preferential tariff rates.
CRO Dabrah explained that the rules of origin are designed to distinguish products genuinely produced within AfCFTA member countries, preventing those from non-member states from wrongfully claiming these benefits. He elaborated on the concept of “substantial transformation,” which requires raw materials to undergo significant processing before being classified as originating from a particular country. Key factors like changes in tariff classification, value addition, and specific manufacturing processes are used to assess origin. As an example, Dabrah referenced Ghanaian cocoa being processed into chocolate to meet origin criteria.
He stressed the importance of customs brokers fully understanding these rules, as they serve as a crucial link between Customs and the business community. To support this, the Customs Division has ramped up training efforts, ensuring that brokers are well-equipped to navigate the complexities of the rules of origin.
Dabrah also mentioned the upcoming establishment of an AfCFTA Academy by the AfCFTA Secretariat, which will empower customs brokers and trade professionals across Africa. In Ghana, Customs officers have already received advanced training on the rules of origin to ensure compliance with AfCFTA requirements. This, he noted, will help prevent documentation errors and speed up processing at the country’s ports and border points.
Additionally, he pointed to the creation of a specialized Tariff and Trade Unit within the GRA, which has been tasked with overseeing the implementation of free trade agreements, including AfCFTA.
“Management has shown strong commitment by establishing this unit to ensure that we are adequately prepared to handle AfCFTA, alongside other trade agreements like the ECOWAS Trade Liberalisation Scheme (ETLS), the Ghana-EU Partnership Agreement, and the Ghana-UK Partnership Agreement,” Mr. Dabrah added.
In reinforcing the role of Customs in facilitating trade, Mr. Dabrah said his outfit will continue to strictly enforce the division’s risk management approach, which includes selective inspections of goods and post-clearance audits. He assured that while Customs would maintain its focus on trade facilitation, it would not compromise on the necessary controls to ensure compliance with the rules of origin.
“Our systems are designed to detect irregularities, but at the same time, we are working to make the process smoother for compliant traders,” he said. Mr. Dabrah praised the over 60 Ghanaian companies that have been approved to trade under AfCFTA, noting Ghana’s participation in the first guided trade under the agreement as a milestone.
The Customs Division, as the designated competent authority, is responsible for inspecting and certifying goods manufactured in Ghana before issuing certificates of origin, ensuring that they meet AfCFTA strict standards.
The Acting Head of Tariff and Trade Unit at the Customs Division of the Ghana Revenue Authority (GRA), CRO Jonathan Dabrah stressed the importance of collaboration between customs administrations, customs brokers, and the private sector across AfCFTA member states.
He said his outfit will continue to champion the cause for increased collaboration and continuous training of key players in order to foster a robust and thriving trade environment for Ghana and its trading partners under the agreement.
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.
The Chief Executive Officer (CEO) of the Petroleum Hub Development Corporation, Charles Owusu, has announced that Ghana is gearing up to not only produce but also refine and sell crude oil as part of a broader strategy to boost the country’s economy.
Speaking at a media engagement on August 29, Mr. Owusu highlighted that while Ghana has traditionally been involved in crude oil production, the country now aims to expand its capabilities.
“You know Ghana, we produce crude oil but we don’t refine so this is going to build the midstream. We have the midstream, upstream and downstream so this is going to answer the question within the midstream. Ghana would become a vertically integrated oil and gas country meaning we are able to explore and produce and we are able to refine and then we sell.”
Mr. Owusu also emphasized that this effort aligns with the African Continental Free Trade Area (AfCFTA) agreement, positioning Ghana to become a key player in the export market.
“This feeds into our export strategy within the ECOWAS market and the broader continent. With the African Continental Free Trade Area, Ghana is poised to drive export-led growth by adding value to our resources.”
The Petroleum Hub Development Corporation is committed to adding value to Ghana’s resources and making the country’s market more export-driven, contributing to the overall objectives of AfCFTA, which include increasing socioeconomic development, reducing poverty, and enhancing Africa’s competitiveness in the global economy.
The AfCFTA, established in 2018, is the largest free trade area globally by the number of member states, with 43 parties and 11 signatories.
It aims to eliminate tariffs on most goods and services over a period of 5, 10, or 13 years, depending on the country’s level of development.
The agreement seeks to create a single, liberalized market, reduce barriers to capital and labor, develop regional infrastructure, and establish a continental customs union, all with the goal of making Africa a more competitive player in the global market.
Watch video below:
Ghana to produce, refine and sell crude oil – Petroleum Hub Development Corporation CEO
Africa’s richest man, Aliko Dangote, has lamented the low level of intra-African trade despite the continent’s abundance of natural resources and promising future.
He emphasized that African investors need to take the risk and invest within the continent to drive its growth.
Speaking at the Africa CEO Forum in Kigali, Rwanda, Dangote highlighted that the development of Africa depends on its own people, not foreigners.
He pointed out that African economies would experience significant growth with the free movement of goods and services, citing the African Continental Free Trade Area (AfCFTA) as a key initiative.
Aliko Dangote said, “Our focus is to make the regional markets all work; once they work, then we can now go to AfCFTA, but for AfCFTA also, we need to make sure that it works. We cannot have a very promising continent and our intra-trade is less than 16%.”
“We, Africans, have to do it. If we are waiting for foreigners to come and develop Africa, it is not going to happen. So it can only happen by us Africans. We must risk our resources and make sure that we lead, then we have people who actually trust and believe inAfricato come and help us push to the next level,” he added.
The African Continental Free Trade Area (AfCFTA), one of the flagship projects of Agenda 2063, is an ambitious trade agreement with a comprehensive scope that includes critical sectors of Africa’s economy such as digital trade and investment protection.
The free trade pact aims to significantly boost intra-African trade by eliminating barriers, particularly enhancing trade in value-added production across all sectors.
Effective from January 2021, AfCFTA is the world’s largest free trade area, encompassing 55 African countries with a combined population of 1.3 billion and a GDP exceeding $3.4 trillion.
The agreement also aims to help African economies build robust and resilient structures to better withstand internal and external shocks.
Secretary General of the African Continental Free Trade Area (AfCFTA) Secretariat, Wamkele Mene, has revealed Africa’s anticipated rise to become the world’s 8th largest economy, reaching an estimated $16.3 trillion by 2050.
Addressing day one of the 3i Africa Summit in Accra, Mene emphasized the significance of businesses harnessing fintech to optimize outputs. He highlighted the imperative for governments across Africa to utilize all available technological resources to drive growth and sustainability in their economies.
“The existential economic sovereignty of our continent is precisely why the African Continental Free Trade Area was established so that we can leverage on this market of 1.4 billion people, which by 2050 is projected to be the 8th largest economy in the world with $16.3 trillion 27 years from now but if we don’t deploy these digital technologies, all of us are going to be discussing where we got it wrong.”
“The emerging global geo-political context should compel us Africans to collaborate to find ways of coming out of the challenges we are facing,” Mr. Mene added.
The summit, themed ‘Unleashing the Fintech and Digital Economic Potential of Africa’, aims to convene prominent figures from the finance sector across Africa and globally.
Organized by the Bank of Ghana (BoG) and the Development Bank Ghana (DBG), in collaboration with Elevandi and facilitated by the Monetary Authority of Singapore, the event will host plenary speeches and discussions involving heads of state, senior government officials, investors, industry leaders, policymakers, and innovators.
Deputy Minister of Trade and Industry, Michael Okyere Baafi, highlighted numerous prospects for India across various sectors such as pharmaceuticals, automotive manufacturing, vehicle components, and garment and textiles.
Pointing out Africa’s vast market size of 1.2 billion people and an estimated GDP of US$3.4 trillion, he emphasized the importance for India to engage in investment opportunities within the continent, particularly under the African Continental Free Trade Area framework.
Okyere Baafi made these remarks during the 4th Session of the India-Ghana Joint Trade Committee convened in Accra on Thursday, May 2, 2024.
“These are areas that we want to have a very deep corporation and with the coming into force of the African Continental Free Trade Area I know you know, that for the first time, Africans have decided to do business among ourselves, this customs union have become the biggest in the whole world. Even bigger than the ACP now,” he stated.
Okyere Baafi further said, “The African market is becoming a market that nobody in the world can underestimate. Now, the African market has become like a virgin lady that everybody is running after so we want India, our best friend to be a beneficiary of this good news that is happening to Africa.”
Echoing similar sentiments, Amardeep Singh Bhatia, Co-Chair of the Joint Trade Committee, emphasized the significance of partnerships in fostering investments.
“Some areas we are looking at is greater partnership in the pharmaceutical industry, ICT, digital public infrastructure…We are also looking at more cooperation in agriculture…” he said.
Regarding the African Continental Free Trade Area, Amardeep Singh Bhatia expressed India’s optimism and eagerness to engage with authorities regarding trade relations.
“We would like to understand more about what AfCFTA is looking forward to in terms of cooperation and trade ties with India. We are very positive about it. India is the 5th largest country in the world and AfCFTA is the largest economic giant in the world with great future potential,” he added.
The AfCFTA, a cornerstone of Agenda 2063, stands as an ambitious trade agreement with a wide-ranging scope encompassing vital aspects of Africa’s economy, including digital trade and investment protection.
By dismantling trade barriers across Africa, the free trade pact aims to significantly enhance intra-Africa trade, particularly in value-added production and across all sectors of the continent’s economy.
Effective since January 2021, the AfCFTA represents the world’s largest free trade area, spanning 55 African nations with a collective population of 1.3 billion and a combined GDP surpassing $3.4 trillion.
Furthermore, the pact endeavors to fortify African economies, fostering resilience to withstand internal and external shocks.
Appiah Kusi Adomako, the West African Regional Director of CUTS International, has emphasized the importance of collaboration and partnerships among Ghanaian SMEs to alleviate the expenses associated with exporting and trading within the African Continental Free Trade Area (AfCFTA).
Addressing a Public-Private Dialogue organized by CUTS International Accra, with support from Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), under the theme “Making logistics work for Ghanaian SMEs to trade under the African Continental Free Trade Area,” Adomako highlighted the logistical hurdles faced by Ghanaian SMEs in trading. These challenges encompass high freight costs, poor road conditions, and the absence of rail infrastructure across the continent.
This, according to him, makes it almost impossible for SMEs to trade under the AfCFTA. “SMEs who deal in the same goods should consider coming together, so they can save cost of production and export under the AfCFTA” he added.
He further reiterated the importance of stakeholder collaboration to address the issue of trade logistics. “AfCFTA will not become successful if we do not address the issue of trade logistics, but this is something that the Government alone cannot do; it involves the private sector too. We need to decolonize trade logistics and Africans must own and operate shipping lines that can facilitate trade. Governments must provide the enabling framework to allow for the organic growth trade infrastructures, ” he said.
He, however, noted that, “it is when the Government creates the enabling framework, the private sector will be able to take advantage of it.”
Dr. Fareed Arthur, the National Coordinator for Ghana’s AfCFTA Coordination Office, disclosed during his remarks that a 2023 report from the African Development Bank revealed that approximately 53 percent of roads on the continent were paved, yet they handled 80 percent of goods and 90 percent of passenger traffic. Additionally, many of the railways, established during the colonial era, have not been adequately maintained and were not designed to support intra-African trade in goods.
He also highlighted that the AfDB report indicated that only 13 African countries had direct flights to approximately 20 neighboring countries, with approximately five percent of the passenger and cargo aircraft from the 230 airlines operating in Africa. Mr. Adomako urged African governments to expedite the process of connecting road networks, ensuring favorable shipping conditions, and establishing carriers to facilitate the movement of people and goods.
Dr. Stephen Amoah, a Deputy Finance Minister, expressed the government’s commitment to collaborating with value chain stakeholders to address logistical challenges in the country, with the aim of enhancing intra-African trade. He emphasized that such collaboration was crucial for enabling Small and Medium-sized Enterprises (SMEs) to thrive and increase their participation in the African Continental Free Trade Area (AfCFTA).
Furthermore, Dr. Amoah emphasized the importance of investing heavily in logistics infrastructure to facilitate seamless trade with neighboring African countries. He called on all stakeholders to unite their efforts and resources to develop an efficient and effective logistics system that would support sustainable business growth.
Dr. Amoah noted that while trade facilitation between two countries elsewhere was often smooth, the situation was different among many African countries. He emphasized the necessity for all stakeholders to join forces to prioritize the development of logistical infrastructure in Ghana.
Ms. Sofia Kamarudeen, the Ghana Component Lead for the GIZ Programme Support to the AfCFTA, explained that the purpose of the dialogue was to delve deeper into logistics issues and provide strong recommendations to the government to address the challenges.
“We’re committed to this topic, which is a long-term ambitious project for Africa. We will continue to support institutions to create more platforms, which will further boost the logistics sector and the progress made towards that,” she said.
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.
In then course the State visit of President Umaro Mokhtar Sissoco Embaló of Guinea-Bissau, President Nana Addo Dankwa Akufo-Addo announced the significant progress made by Ghanaian products under the Guided Trade Initiative of the African Continental Free Trade Area.
President Akufo-Addo highlighted that since the launch of the Guided Trade Initiative in October 2022, over 700 AfCFTA self-defined products from Ghana, including cosmetics, processed foods, coconut oil, Shea butter, and garments, have been introduced and targeted by the AfCFTA market.
Addressing a Joint Press conference following bilateral discussions with President Embaló and his ministerial team from Guinea-Bissau, who are visiting Ghana, President Akufo-Addo emphasized the transformative impact of such initiatives, “will give us the best opportunity to derive maximum benefit from our abundant natural resources and from our participation in the AfCFTA, and help bring progress and prosperity to our people.”
He expressed confidence that Ghana and seven other nations’ participation in the GTI of the AfCFTA would spur intra-African trade, enhance the competitive advantage of participating countries, and strengthen their position in the global market.
Furthermore, he noted that through the GTI, Ghana has already made significant strides in penetrating the East African market, particularly in Kenya and Tanzania.
The Guided Trade Initiative aims to facilitate meaningful commercial exchanges and assess the operational, institutional, legal, and trade policy landscape under the AfCFTA, which seeks to unify a market of approximately 1.3 billion people with a combined GDP of $3.4 trillion.
President Akufo-Addo and his counterpart from Guinea-Bissau have been exploring avenues to further enhance political, economic, cultural, and people-to-people exchanges between their countries and promote cooperation at both bilateral and multilateral levels.
He said President Embaló is in Ghana to “reaffirm the ties of cooperation and the bonds of friendship that Guinea Bissau attaches to her relations with Ghana.”
In addition to discussing the manifold benefits available under the AfCFTA, the two leaders explored comprehensive strategies to attract both domestic and foreign investment opportunities into their respective countries. They emphasized the importance of bolstering cooperation and partnership in their development endeavors.
Aside the shared commitment to the promotion of a fairer world and addressing global issues relating to the 17 goals of the United Nations, they also agreed to intensify advocacy towards the “urgent necessity for the reform of the United Nations, especially of its Security Council” and reiterated their joint commitment to Common African Position on UN reform based on the Ezulwini consensus.
He further observed that during additional discussions conducted in a constructive and friendly atmosphere, emphasis was placed on various sectors including education, trade and industry, agriculture, fisheries and aquaculture, environment, science and technology, petroleum and hydrocarbon activities, and tourism.
On cooperation in the development of their respective fisheries sectors, he explained that, “the Joint Venture Partnership between private companies of both countries, granting of licenses to Ghanaian fishing vessels, to fish in Guinea-Bissau waters, training of Guinea Bissau personnel in Ghana Fisheries school and the Regional Maritime Academy in electronics, exchange of information on all aspects of fishing, technology, assistance and cooperation from Ghana, in the development of artisanal fishing in Bissau and signing of bilateral fishing agreement between the two counties to safeguard among others the lives of Ghanaians who work in the fishing industry in Bissau. “
In light of this, Ghana and Guinea-Bissau have mutually decided to organize the inaugural session of the Permanent Joint Commission for cooperation later this year. This commission will establish the legal and institutional framework necessary for addressing the trade and investment interests of both countries.
Additionally, discussions were held regarding the activities of Ghana’s contingent of approximately 101 soldiers, who are part of the ECOWAS Stabilization Support Mission stationed in Bissau since the attempted coup of February 1, 2022. Their duty involves providing security to the President and the Presidential palace, a matter that was also addressed during the talks.
Ghana is transitioning into a net recipient of goods and services exported through the Africa Continental Free Trade Area (AfCFTA), nearly two years post the piloting of the guided trade initiative (GTI).
An analysis conducted by the AfCFTA Coordination Office Ghana reveals that seven out of the eight countries participating in the GTI, including Cameroon, Kenya, Egypt, Mauritius, Rwanda, Tanzania, and Tunisia, have identified Ghana as their preferred market.
This preference stems from Ghana’s role as the host of the AfCFTA Secretariat, positioning it as well-prepared with the requisite customs regime to accommodate goods and services from other nations.
However, this development currently poses a disadvantage to Ghana, as local businesses have struggled to leverage the AfCFTA to export to other African markets, lagging behind their counterparts.
To address this imbalance, various institutions and stakeholders are initiating initiatives aimed at encouraging exports to other African nations.
One such initiative is the German Development Agency’s (GIZ) national stakeholder forum on AfCFTA, digital trade, and E-commerce held in Accra.
This forum seeks to evaluate the digital readiness of Ghanaian micro, small, and medium enterprises (MSMEs) and their presence in E-commerce, aligning with the digital trade and E-commerce protocols of the AfCFTA.
Key figures at the forum included the National Coordinator of the AfCFTA Coordination Office, Dr. Fareed Kwesi Arthur; President of Ghana Fintech and Payments Association, Kwame Martin Awegah; Greater Accra Regional Chairman of the Association of Ghana Industries (AGI), Tsonam Cleanse Akpeloo; CEO of Ghana Chamber of Agribusiness, Anthony Morrison, and CEO of Ghana Chamber of Telecommunications, Dr. Kenneth Ashigbey.
Dr. Arthur stressed the need for Ghanaian firms to be proactive in leveraging AfCFTA to expand their reach across the continent, emphasizing that without such initiative, Ghana risks becoming a net importer rather than exporter under the agreement.
Mr. Awegah highlighted the challenges posed by Africa’s lack of physical connectivity and underdeveloped financial systems, which hinder efficient trade within the continent.
Mr. Akpeloo emphasized the importance of digitalization in driving the success of the continental free trade area, noting that digital trade facilitates transactions in goods and services, whether digitally or physically delivered.
Mr. Wamkele Keabetswe Mene has been reappointed as Secretary-General of the Secretariat of the African Continental Free Trade Area (AfCFTA) by the Authority of Heads of State and Government of the African Union (AU).
His re-election for another four-year term took place during the AU’s 37th Ordinary Session of the Assembly of Heads of State and Government held in Addis Ababa, Ethiopia.
The AU expressed its confidence in Mr. Mene by reappointing him, highlighting its pride in working with him towards achieving the goals outlined in the “Africa we want,” as part of the AU’s Agenda 2063.
As the first Secretary-General of the AfCFTA Secretariat since 2020, Mr. Mene has been instrumental in overseeing and facilitating the implementation of the largest free trade area by membership in the world.
To date, 47 countries have ratified and deposited their instruments of ratification for the free trade agreement.
In efforts to expedite the implementation of the trade agreement, the Secretariat introduced the Guided Trade Initiative (GTI), enabling Ghana and seven other nations to meet trade requirements.
The GTI serves as a pilot phase aimed at accelerating the implementation of the AfCFTA by assessing the institutional, legal, and trade policy environment for intra-continental trade.
Collaborating with the African Export-Import Bank (Afreximbank), the Secretariat also launched the Pan-African Payment and Settlements System (PAPPS) to simplify transactions across the continent.
Additionally, negotiations for 88.3% of the Rules of Origin, a critical framework for determining goods eligible for preferential tariff treatment under the AfCFTA, have been completed.
Prior to his role as Secretary-General, Mr. Mene served as Chief Director of Africa Economic Relations at the Department of Trade and Industry, South Africa. He played a key role as a negotiator in the AfCFTA and Tripartite FTA negotiations.
He also held positions such as Director for International Trade and Investment Law at the Department of Trade and Industry and represented South Africa at the World Trade Organization (WTO) in Geneva, Switzerland, where he was elected Chairman of the WTO’s Committee on International Trade in Financial Services.
Mr. Mene holds a Bachelor of Arts degree in Law from Rhodes University, a master’s degree in international studies and diplomacy from the School of Oriental and African Studies, London, and a Master of Laws (LL.M) degree in Banking Law and Financial Regulations from the London School of Economics and Political Science.
The event, held recently, was attended by dignitaries and academics, including the Director of GIMPA Training and Consulting, Professor Charles Amoatey.
In his address, Professor Amoatey urged the graduates to leverage the opportunities presented by the African Continental Free Trade Area (AfCFTA) for business growth. He emphasized the importance of enhancing entrepreneurial skills and encouraged the graduates to pursue short courses to expand their knowledge base.
“We are training them not to just go and look for jobs in the private and public sector but to also start their own businesses in the field.
“We have also equipped them with new technologies that will make them stand out in the profession. Africa is now a very small community, fortunately Ghana is hosting the African Free Trade Centre. It provides a unique opportunity for young men and women like those who have graduated to take advantage of those initiatives, to even jobs outside Ghana.”
Although trade under the African Continental Free Trade Area (AfCFTA) commenced on January 1, 2021, it is important to note that the process leading up to this point was a lengthy one, spanning several years.
The agreement itself was signed in 2018, but it took many years of negotiations, consultations, and deliberations to reach that point. Roots of the AfCFTA date back to the 19th Session of the African Union (AU) in 2012, where African Heads of State and Government came to the decision to establish a free trade area across the continent by 2017.
The official negotiations for the African Continental Free Trade Area (AfCFTA) launched in 2015 by African Heads of State and Government at the 25th Ordinary Session of the AU. These negotiations continued until March 2018, where the agreement was signed at the 10th Extraordinary Session of the AU Assembly of Heads of States and Government, where 44 of the 55 African Union Member States signed the Agreement establishing the African Continental Free Trade Area (AfCFTA).
Almost exactly a year following the signing of the agreement, the AfCFTA entered into force on May 30, 2019. The operational phase of the African Continental Free Trade Area (AfCFTA) was launched during the 12th African Union (AU) Assembly in July 2019. At the time, 27 countries had ratified the AfCFTA, while 28 others had signed but not yet ratified
As of February 2023, 46 of the 54 signatories have deposited their instruments of ratification for the agreement, making them state parties to the agreement.
While trading under the agreement commenced on January 1, 2021, there are still negotiations taking place to finalize all aspects of the agreement. These negotiations have been divided into three phases;
Phase I: Trade in goods and services and dispute settlement
Despite trading under the agreement being permitted, negotiations continue for various details such as tariff schedules, rules of origin, the Trade Remedy Guidelines, and services commitments for the five priority sectors for liberalization (Transport, communication, financial, tourism and business services).
Phase II: Intellectual property rights, investment, and competition policy
Negotiations for Phase II have commenced, and were disrupted by the COVID-19 Pandemic, resulting in delays. However, the negotiations to conclude the outstanding Protocols of Phase II are well advanced and should be completed soon.
Phase III: Digital trade and women and youth in trade
Negotiations for Phase III will commence upon the completion of Phase II.
Member of Parliament for Madina Constituency, Francis-Xavier Sosu, has asserted that in order for informal economies to be successfully incorporated into the African Continental Free Trade Area (AfCFTA) framework, governments need to ensure transparency, fairness, and adherence to the rule of law in their policies and practices.
Speaking at the 2024 visiting scholar program at Center College, Danville, Kentucky, and at the University of South, Sewanee, Tennessee in the United States of America, the Human Rights lawyer made a presentation titled “The New Paradigm of Integration of Africa.”
This presentation was inspired by his doctoral thesis in the area of international economic law, with an emphasis on regional integration laws.
He poked about the need for Africa to take a step back to harmonize its regional integration efforts as an aid to the AfCFTA Agreement to achieve economic integration and discussed the new conceptual framework for integration in Africa that he has developed.
“Under this conceptual framework, the regional economic communities recognized by the AU must be harmonized under the AFCFTA, and the AFCFTA must have a supranational status. Informal economies must be incorporated under the AfCFTA and there must be political accountability and commitment to ensure this model succeeds for Africa to integrate economically,” he said.
Member of Parliament for Madina Constituency, Francis-Xavier Sosu at 2024 visiting scholar program
Mr Sosu warned Africa against potential economic globalization by China and the urgent need for African leaders to embrace this new AFCFTA conceptual model to accelerate Africa’s economic integration and transformation.
He also delivered lectures in several classes on the topic “The nexus between Servant Leadership, Good Governance, and Development.”
The lectures discussed different leadership models and focused on servant leadership as the best model to guarantee good governance principles such as accountability, openness, and independence of state institutions and thereby propel inclusive development where everyone, regardless of their backgrounds, can fully achieve their individual potential.
The Madina legislator also spent time with students and faculty members to interact and discuss Ghana as the leading democracy in Africa. This gave him the opportunity to sell Ghana to most students who have signed up to study abroad in Ghana this fall and in the fall of 2025.
He also had opportunities to discuss the possibilities for Ghanaian students, particularly those from the Madina Constituency, to take advantage of the exchange programs to study at the two colleges.
The Minister of Foreign Affairs and Regional Integration, Madam Shirley Ayorkor Botchwey, has committed to revitalizing the Free-trade Agreement among Commonwealth nations if elected as the Secretary-General of the Commonwealth Secretariat.
She emphasized that a successful free-trade agreement would foster integration, global and regional supply chain participation, and enhance engagement in the multilateral trading system for member states.
Speaking in Accra at a lecture titled “A Vision for a New Commonwealth in a Fast-Evolving World,” organized by the Council on Foreign Relations Ghana, Madam Botchwey proposed that the initiative could serve as a model for WTO members, offering a balanced approach to regional and multilateral trade integration.
Nominated by President Akufo-Addo on February 2, 2024, for the post of Secretary-General of the Commonwealth, Madam Botchwey outlined the evolving global landscape, citing advanced negotiations between the United Kingdom and India, as well as the African Continental Free Trade Area (AfCFTA), as opportunities to consolidate agreements towards a Commonwealth-wide free trade agreement.
“To be transformative, any such trade and development agreement has to respond to the development needs and challenges of the developing countries in the Commonwealth,” she said.
She stressed the importance of any trade and development agreement addressing the needs of developing countries within the Commonwealth.
Madam Botchwey called for increased aid for trade disbursements to boost productive capacity, encouraging developed members to invest in developing states, with specific consideration for the Pacific Island States, the Caribbean, and small states in both service and non-service sectors.
“Developed Commonwealth members and other donor partners should maintain and enhance non-reciprocal preferential market access mechanisms like duty-free, quota-free, flexible rules of origin, and preferential treatment for services and service suppliers from small developing states to facilitate their integration in regional and global value chains,” she said.
Madam Botchwey urged developed Commonwealth members to maintain and enhance preferential market access mechanisms for small developing states.
She emphasized the Commonwealth’s role in supporting the specific needs of small island states in fishery subsidy negotiations at the WTO, highlighting the critical role of ocean sustainability for their development.
“The Commonwealth should support the specific needs and concerns of small island states in fishery subsidy negotiations at the WTO.”
“Ocean sustainability in general and sustainable fishing stocks and practices are critical to the development of the ocean economy in island states and especially to the millions of mostly poor people who make their living by fishing.”
Additionally, she underscored the significance of services like health insurance, medical data, and banking in fostering integration and creating economic prosperity within the Commonwealth.
The Commonwealth, consisting of 56 nations, focuses on shared goals of prosperity, democracy, and peace, with the Commonwealth Secretariat coordinating much of its work.
Objectives include environmental protection, sustainable resource use, economic development, democracy support, and assistance to small states in addressing unique challenges.
President Akufo-Addo has delivered a forthright message to African leaders, highlighting the critical impact of ineffective leadership as a primary obstacle to progress on the continent.
In his address, he underscored the imperative for a collective commitment to overcoming this internal challenge, emphasizing the pivotal role of sound governance in fostering sustainable development across Africa.
President Akufo-Addo also urged fellow Heads of State and the global business community to focus on unlocking the $450 billion potential income from the African Continental Free Trade Area (AfCFTA) by 2035.
A one percent increase in Africa’s share of global trade, he believes, could generate an additional seventy billion dollars annually for the continent.
To achieve this, the President calls for global support for a new investment approach prioritizing partnerships between private sectors in advanced economies and African economies.
Speaking at the Africa-Italy summit, he emphasized the need to combat tax-dodging and illicit financial flows, which hinder Africa’s development.
“Before 2020, Africa was attracting increasing foreign direct investment (FDI), although overall FDI inflows remained much lower than in other world regions. Between 2000 and 2019, FDI flows to Africa increased fourfold, with a compound annual growth rate of eight-point-five percent (8.5%). Our biggest challenge is not a scarcity of financing, but a confluence of poor governance, speculative risk perception, and a defective environment for crowding in investors.”
“it has become even more urgent to provide reliable electricity, affordable and decent housing, improved transportation networks, and accessible health infrastructure.” he emphasised.
Despite infrastructure projects often failing, the President is optimistic that with reforms, Africa could attract $550 billion in annual investments in infrastructure.
“Recent happenings within the global space, particularly the COVID-19 pandemic, the Russian invasion of Ukraine, and the turmoil in the Middle East, which is threatening to engulf the rest of the world, have increased the need for policymakers on the African continent to achieve a structural transformation that yields inclusive and sustainable growth patterns over the medium to long term.”
Emphasizing the importance of creating a de-risked landscape, President Akufo-Addo encourages innovative resource mobilization from private sources, international financial institutions, and sovereign wealth funds.
He stressed the need for transformative investments like infrastructure to boost Africa’s development.
The African Development Bank estimates the continent’s infrastructure financing needs at $170 billion annually by 2025, with a $100 billion gap. Given Africa’s 2.5% annual population growth, the President underscores the urgency to provide reliable electricity, affordable housing, improved transportation, and accessible health infrastructure.
Highlighting post-COVID-19 recovery efforts, he notes the increased need for policymakers in Africa to achieve a structural transformation amid global challenges such as the COVID-19 pandemic, the Russian invasion of Ukraine, and turmoil in the Middle East. This transformation aims to yield inclusive and sustainable growth patterns over the medium to long term.
President Akufo-Addo has underscored that Africa should not endure poverty, given the continent’s abundance of natural resources.
Speaking at the second edition of the Africa Prosperity Dialogues in Peduase, Eastern Region, on Thursday, January 25, 2024, the President highlighted Africa’s wealth, including oil, gas, minerals, abundant sunlight, and 65% of arable land capable of feeding 9 billion people globally by 2030.
President Akufo-Addo expressed his vision for Africa to evolve into a global powerhouse, leveraging its rich resource base and youthful population.
Encouraged by a private sector prepared for economic collaboration, particularly through the African Continental Free Trade Area (AfCFTA), the President emphasized the significance of economic integration as a key factor in realizing Africa’s prosperity.
He noted that the current focus on facilitating the free movement of people, goods, and services across the continent is essential for realizing the United Africa dream.
“We all know that Africa is blessed, Africa is not a poor continent, in fact, she is too rich to be poor. A continent that has every natural resource imaginable; oil, gas, minerals and an abundance of sunlight. We have some 65 per cent of all arable land available to feed 9 billion people globally by 2030 and our continent is filled with the most youthful population in the world –everything we need to transform Africa into a global powerhouse of the future,”
“I’m now encouraged that Africa now has a private sector that is ready, deliberate and eager to see that the 60-year-old dream of the United Africa manifests. The difference perhaps, of the then and today is that the focus is on an area where there can be no debate –economic integration.
“How we facilitate the free movement of people, goods and services across this vast and resourceful mass Africa is what we must devote our energies to.”
The UK Ghana Chamber of Commerce (UKGCC) 2023 Ghana Business Environment and Competitiveness Survey Report has revealed that corruption, identified as the most poorly rated component in 2022, remains the top priority for attention this year.
In 2023, 75% of respondents identified corruption as a hindrance to business operations in Ghana, marking an increase from 56% in 2022.
The survey participants emphasized the importance of government assistance in international marketing, deeming it crucial to enhance the advantages of the African Continental Free Trade Agreement (AfCFTA) for local businesses.
The survey also pointed out that the availability of telecom facilities appears to be the best-rated business component over the years and 2023 is no different.
Respondents list the availability of labour, water and power as having been good throughout the year. Labour costs also appear to be good for businesses this year.
The report stated that “it is good to note that the availability of telecom facilities, water and power have consistently been rated positively for the last three years”.
Cost of capital rate as most declined business component
Unlike 2022, the business component that was rated as most declined was the cost of capital – which was the fifth rated then.
Good quality infrastructure, a stable political system and access to capital were also rated as having declined over the past five years in Ghana. It appears corruption had also declined over the period despite it not being the worst decline according to respondents.
Nonetheless, the availability of advanced technology and telecom facilities seem to have improved the most over the last five years. Like 2021, the availability of power supply and training facilities are listed as having improved the most over the last five years.
39% of respondents also believe the tax policy of the country has improved over the same period which is a good step for easing the pressures on businesses.
Cost of land most expensive business cost
Cost of fuel was previously the most expensive business cost.
However, respondents this year suggested that the cost of land exceeds fuel costs.
Cost of power, machinery and the cost of capital continue to be a part of the top five most expensive business costs.
Cost of labour, raw materials most affordable business costs
Cost of general labour and locally sourced raw materials appear to have reduced from the respondents’ perspectives.
Cost of skilled labour, domestic marketing costs and cost of certifications and quality control remain among the most affordable business costs.
Over the past three surveys conducted, the report said it seems similar costs have been classified as being affordable giving some credibility to responses received.
Over 690 businesses, including UK Ghana Chamber of Commerce members and non-member companies from 16 industries, ranging from small to large companies, participated in the survey.
Majority of respondents this year had a turnover of below $0.5 million while companies with revenues of over $10 million were least represented. In 2022, most respondents were from companies with revenue figures between $0.5 million and $1 million.
Multiple police checkpoints and demands for bribes by Customs officials are impeding the smooth flow of goods along the Lagos-Accra corridor, a critical trade route between Nigeria and Ghana.
The challenges along the Lagos-Accra corridor not only disrupt economic activities within the Economic Community of West African States (ECOWAS) sub-region but also contradict the visa-free travel arrangement for citizens that has been in place for over two decades.
It also jeopardizes a crucial aspect of the African Continental Free Trade Area (AfCFTA), which strives to establish a unified market for goods and services throughout the continent.
A driver for a transportation company operating along the route disclosed in December 2023, on the condition of anonymity to the B&FT, that he typically receives ₦400,000 (approximately US$510 at the time) from his company for a trip from Lagos to Accra.
“This is a huge burden for us, and it ultimately translates into higher prices for consumers,” he said – noting that the sum amounted to more than 25 percent of a two-way ticket’s cost for occupants of a 12-seater bus.
The issue is particularly prevalent on the Nigerian side of the border, he said. This correspondent counted 31 checkpoints on the road from Jibowu in Lagos to the Nigeria-Benin Republic Seme Border, and 23 between the Aflao border and Miotso – a figure that was corroborated by a businesswoman who regularly transports goods between the two countries.
“Ghana and Nigeria share a historic sibling rivalry, and now it looks like we are competing to see who is the most corrupt,” the businesswoman added.
The consequences of this entrenched corruption are far-reaching. Delays at checkpoints add hours to travel times, increasing transportation costs and impacting the competitiveness of businesses. This ultimately discourages trade and inhibits economic growth in the region.
The Minister of Information, Oppong-Nkrumah, has emphasized the importance of technology adoption for Micro, Small, and Medium Enterprises (MSMEs) to ensure resilience and global competitiveness.
He highlighted the necessity of innovation and adaptability in the current competitive and technologically evolving business landscape.
The Minister shared these insights during the closing ceremony of the “ACP Digi project in Ghana,” themed “Our Journey to Building the Digital Capacity of MSMEs In Ghana Post COVID.”
Nkrumah stressed that MSMEs are integral to Ghana’s business landscape and must be a priority for efficiency and sustainable development.
“It is gladdening to note that MSMEs have embraced the idea and are now using technology in their businesses and are beginning to adopt measures and strategies to cope with the new normal,” he added.
He commended the increasing adoption of technology by MSMEs, urging them to utilize digital platforms for creating market avenues, enhancing sales, and improving productivity.
During the event, CEO of Suku Technologies Limited, Mr. Tsonam Akpeloo, emphasized the potential of digital innovation to fortify MSMEs by introducing efficiencies.
He highlighted the pivotal role SMEs play in economic growth and job creation, especially amid challenges like the COVID-19 pandemic.
Mr Akpeloo encouraged businesses to embrace digital transformation, utilizing virtual solutions, e-commerce, electronic transactions, and security systems to scale up their operations.
The training conducted as part of the project equipped over 1,071 business owners with tools to sell products through online portals, payment applications, and social media.
He also urged MSMEs to leverage the African Continental Free Trade Area (AfCFTA) agreement for expanded trade across African countries.
Additionally, he called on stakeholders to invest in digital media technology training for youth to foster job creation and contribute to local economic improvement.
The government is actively promoting the expansion of local businesses through the African Continental Free Trade Area (AfCFTA) as a means to achieve accelerated economic growth.
President Akufo-Addo emphasized that the vast opportunities provided by the AfCFTA should be harnessed to enhance the global competitiveness of local businesses.
“It is a real game-changer, and once fully realised, we can potentially increase on an annual basis, according to the Economic Commission for Africa, intra-Africa trade increase by some US$35 billion and reduce external imports by some US$10 billion,” he stated.
President Akufo-Addo addressed the 31st and 32nd President’s National Awards for Export Achievement in Accra. The event, organized jointly by the Ghana Export Promotion Authority (GEPA) and Ghana Free Zones Authority (GFZA), aimed to acknowledge the contributions of exporters in the non-traditional sector to the economic prosperity of the country.
Over 20 exporters were honored with plaques and citations for their outstanding performance, commitment to producing quality products, and pioneering efforts in their operations.
The President emphasized his administration’s commitment to supporting GEPA and GFZA, recognizing their strategic importance in sustaining the development and growth of Ghana’s non-traditional export sector.
“We also assure you that your governing laws are being reviewed to position you better to facilitate, develop and promote Ghana’s non-traditional exports,” he said.
President Akufo-Addo highlighted the significant potential inherent in local businesses, particularly small-scale enterprises. He also acknowledged the commendable reputation these businesses have built over the years.
“Without a doubt, your businesses have contributed significantly to the growth of the Ghanaian economy – the creation of jobs, and have had positive effects on our balance of payment,” he emphasised.
The President said, that despite the global economic downturn, the local businesses had demonstrated resilience in their operations for survival.
“I dare say that a lot of Ghanaian businesses have been severely hit, some to the extent of folding up business operations.
“The last three years have been challenging, and the Government has been doing its utmost to help ensure a reversal of our fortunes,” he stated.
By dint of hard work and tenacity of purpose, President Nana Akufo-Addo explained that: “We have turned the corner with all macro-economic indices – the rate of inflation, exchange rate stability or economic growth rate – all now pointing to the right direction.”
Dr. Afua Asabea Asare, the Chief Executive Officer (CEO) of GEPA, affirmed the Authority’s commitment to fostering a culture of excellence within the export community. The theme for this year’s awards ceremony was “Recognising Excellence: Driving Sustainable Exports to Accelerate Ghana’s Prosperity.”
14 commodity exchanges across the African continent have united their efforts under the African Continental Free Trade Area (AfCFTA), marking a significant milestone for the AfCFTA initiative.
The newly-formed AfCFTA Association of Commodities Exchanges (ACX) aims to collaborate on ensuring food security and enhancing market efficiency through knowledge sharing and best practices.
They intend to promote modern trading methods, electronic trading platforms, standardized contracts, and improved market information to reduce transaction costs and attract greater participation from domestic and international traders.
Additionally, the ACX seeks to engage with relevant stakeholders, including government agencies and industry experts, to raise awareness about the role of commodity exchanges in price discovery, risk mitigation, and market access.
This advocacy is vital for driving policy reforms that facilitate the growth of efficient and transparent commodity trading platforms across the region.
Notably, the formalized commodity trading space in most AfCFTA markets is still in its early stages, with South Africa being an exception.
The initiative is led by the Ghana Commodity Exchange (GCX) and focuses on facilitating cross-border trade. ACX plans to collaborate with AfCFTA to harmonize trade regulations, simplify customs procedures, and expedite cross-border transactions.
During the “Maiden Forum: AfCFTA Association of Commodities Exchanges” event in Accra, the CEO of GCX, Tucci Ivowi, emphasized the importance of African commodity exchanges working together to contribute to the realization of a unified African market.
The goal is to ensure food security across the region and provide essential commodities to meet the continent’s needs.
The ACX operates under the AfCFTA’s Guided Trade Initiative, which aims to match countries and products. By pooling resources and expertise, the African Commodity Exchanges intend to open up opportunities for cross-border commodity trading within the free trade area.
While each country has its unique characteristics and commodities, the possibility of a common African commodity exchange is considered, especially because these exchanges operate electronic platforms that can be interlinked, allowing for easy trade among themselves.
One of the common challenges faced by commodity exchanges across Africa is liquidity constraints. Building liquidity is a crucial aspect of commodity exchange development, and overcoming this challenge will require time, large buyers and sellers, policy initiatives, and collaboration with financial institutions.
South Africa is the exception with a well-established commodity exchange, while the rest of the exchanges on the continent are in nascent stages. However, the ACX’s collaborative efforts aim to accelerate progress and contribute to regional economic growth.
Fourteen commodity exchanges across the African continent have joined forces to leverage their collective potential within the framework of the African Continental Free Trade Area (AfCFTA), marking a significant achievement in the AfCFTA’s progress.
The AfCFTA Association of Commodities Exchanges (ACX) is prioritizing food security and enhancing market efficiency through knowledge sharing and the adoption of modern trading practices.
These practices include electronic trading platforms, standardized contracts, and improved market information dissemination, all aimed at boosting market efficiency, reducing transaction costs, and attracting broader participation from domestic and international traders.
The Association is also committed to advocacy efforts by collaborating with key stakeholders, including government agencies and industry experts, to raise awareness about the role of commodity exchanges in price discovery, risk mitigation, and market access. This will drive policy reforms supporting the growth of efficient and transparent commodity trading platforms across the region.
This initiative is especially significant because, in most AfCFTA markets, formalized commodity trading is in its early stages, with the exception of South Africa.
The ACX initiative is led by the Ghana Commodity Exchange (GCX) and is crucial for promoting cross-border trade. Under this initiative, ACX aims to collaborate closely with AfCFTA to harmonize trade regulations, simplify customs procedures, and expedite cross-border transactions.
During an event in Accra, named the ‘Maiden Forum: AfCFTA Association of Commodities Exchanges’ with the theme ‘Connecting Africa: advancing regional trade through commodities exchanges,’ Tucci Ivowi, the CEO of GCX and the convener of the gathering, emphasized that there is no better time for African commodity exchanges to contribute to the realization of a unified African market than now.
The Agbogbomefia of Asogli, Togbe Afede XIV, has called for greater unity and cooperation among African countries to fully capitalize on the African Continental Free Trade Area (AfCFTA).
He emphasized that the continent’s fragmentation has hindered the realization of the agreement’s potential since its establishment almost five years ago.
Togbe Afede XIV made these remarks while accepting the Outstanding Personality of the Decade Award at the recent Made in Ghana Awards ceremony in Accra.
The award recognized his significant contributions to society as a respected Ghanaian traditional ruler and a successful business executive. Togbe Afede XIV has played key roles in various companies, including Africa World Airlines Ltd, Sunon Asogli Power Ghana Ltd, Strategic Initiatives Ltd, and Databank Financial Services Ltd.
The Made in Ghana Awards celebrated individuals and companies that produce goods in Ghana and have positively impacted the lives of people while delivering efficient services.
Organized by the Entrepreneur Foundation of Ghana (EFG) under the theme “Celebrating 10 Years of promoting Ghanaian Business Pride,” the event honored 30 other outstanding individuals and businesses for their contributions to promoting Made-In-Ghana products.
Togbe Afede XIV emphasized the importance of strategic actions, government policies, and a sense of purpose to drive intra-African trade, industrialization, and economic diversification.
He encouraged everyone to recognize the opportunities offered by AfCFTA and work together to realize its potential, ultimately strengthening the African economy.
He dedicated the award to the people of the Asogli Traditional Area and expressed his gratitude to the organizers for the honor.
Among the companies recognized during the ceremony were JRA Cosmetic Ltd, Dzata Cement, Polytank Ghana Ltd, B5 Plus Ltd, M & G Pharmaceuticals Ltd, Bel-Aqua Natural Mineral Water, Gino Tomato Mix & Pomo Tomato Mix, and Consolidated Shipping Agencies Ltd, among others.
President Akufo-Addo has issued an invitation to Africans living in the diaspora, urging them to redirect their investment portfolios towards the continent.
He emphasized that with the establishment of the Africa Continental Free Trade Area (AfCFTA), the stage is now set for the continent to attract their investments, facilitating its industrial development and transformation.
During his address at the inaugural Global Africa Forum (GAF), which was jointly organized by the Africa Prosperity Network (APN) and the Africa-America Institute (AAI) on Thursday, September 21, 2023, on the sidelines of the 78th UN General Assembly in New York City, the theme of the event underscored this pivotal message, “Mobilising Global Africa Investment to Boost Intra-African Trade,” President Akufo-Addo said it is time for Africans to spend their monies on the continent to make her the wealthy place it ought to be.
“Like the vision of our forebears, the AfCFTA sets the stage for Africa’s industrialization and transformation. What is required now is for our respective governments and businesses to show bold leadership. We need coherent and complimentary strategic actions by governments and businesses.
“The right mix of policies and strategies for exports, value addition to raw commodities and a greater sense of purpose to ensure a robust intra-Africa trade, to drive agricultural growth, economic diversification and the much-needed industrialization of the continent” President Akufo-Addo said.
“As the saying goes, nothing succeeds as much as success. If we work at it, if we stop being beggars and spend Africa’s money inside the continent, Africa would not have to ask for respect from anyone, we will get the respect we deserve.
“Twenty years ago, thirty years ago, China was not where it is today. China does not ask anyone for respect today, she does not need to. Let us make our continent the joyful and prosperous place it should be and the respect will follow” Akufo-Addo added.
Concrete areas of investment
Wamkele Mene, the Secretary-General of the Africa Continental Free Trade Area (AfCFTA) secretariat, addressed the gathering by outlining the four major areas of interest identified by AfCFTA for potential investors to explore on the continent.
These areas encompass the manufacturing sector, the pharmaceutical industry, the agriculture sector, and the newly established AfCFTA Adjustment Fund, which has a value of one billion dollars and aims to support investments in productive sectors.
“The fund is not intended for budget support. It is intended for productive sector investments. What we envisage is that you as the diaspora with global capital, will see the adjustment fund as a vehicle for channeling your investment and to see returns on your investments,” Wamkele Mene said.
“These are the four areas that we have identified which are concrete, which we believe will be long lasting and impactful and will create job opportunities in Africa so that millions of young Africans stop being buried deep in the Mediterranean. We can create jobs for them at home on the African continent and that is why I think this dialogue is so very important” he added.
In attendance
In addition to President Akufo-Addo, the forum was graced by the presence of several other dignitaries, including Professor Benedict Oramah, who serves as the President and Chairman of the Board of Directors of Afreximbank, and H.E. Albert Muchanga, the AUC Commissioner for Trade and Industry.
The event also saw the participation of esteemed individuals such as Dr. Amany Asfour, who holds the position of President of the Africa Business Council, Ms. Ahunna Eziakonwa, Assistant Secretary-General UNDP-RBA, Derrick Johnson, the President of NCAAP, Mr. Julius Mwale, the President and CEO of SBA Technologies Inc, along with numerous other prominent leaders in the Global Africa business community.
The success of the African Continental Free Trade Area (AfCFTA) is contingent upon the continent’s commitment to embracing industrialization and prioritizing the enhancement of productive capacities. Busi Mabuza, the Global Chair of the Brazil, Russia, India, China, and South Africa (BRICS) Business Council, has emphasized this point.
Additionally, Mabuza underscores the vital importance of collaboration and cooperation among nations to unlock their economic potential. Furthermore, she highlights the value of fostering partnerships and alliances as a means to open up new opportunities for investment and mutual growth.
“We cannot afford to fail in unlocking the opportunity of industrialising the African continent. It is important that we move away from extractive relationships that the continent had in the past to where our partners come and help us industrialise. “This is because with the kind of youthful population we have – with recent reports suggesting that our population could be 1.4 billion, most of whom are young people; we need to build industrial capacity, especially if we are going to make AfCFTA a reality. To make it a reality, we need a regional value chain; we need infrastructure to enable logistics, the transportation of goods and ease of providing services,” she told the B&FT in an exclusive interview. “Most especially, we need to unlock the energy opportunity in a manner that enables a sustainable future for us,” she added.
However, Madam Mabuza considers the presence of the BRICS bloc to be a strategic chance for the continent to use mutual benefit for prosperity.
“We would like to partner with African businesses so that we engage with BRICS nations on the opportunities Africa offers – especially in light of the AfCFTA. With one voice, we need to ensure that what we are asking of the BRICS nations and what we are offering them is aligned from our side as an African continent…we had better stand up and ensure we are engaging with them to ensure mutually beneficial outcomes,” she said.
She added challenged African leaders and the continent’s business community to quit being bound by ideologies and strive toward achieving national prosperity.
“This is our time; we are inviting the West or the East to come and partner with us. But what I have experienced with the partnership that South Africa has enjoyed with the BRICS nations, for the past 10 years, is that the countries operate from a position of not wanting to impose their ideology, their ideas or their way of doing things on South Africa, but rather they are there to listen to us and partner for mutual benefit. So, it is important for us as a continent to be there at the table,” she said.
The recently established industrial salt production plant, valued at US$88 million and located in Ada within the Greater Accra Region, has the potential to emerge as Ghana’s primary export commodity to the African market under the Africa Continental Free Trade Area (AfCFTA) agreement, according to its owners.
This project is anticipated to contribute approximately US$2 billion to the national economy in the short-to-medium term. Consequently, salt, often referred to as ‘white gold,’ is expected to become one of Ghana’s principal sources of foreign exchange by 2026, especially when the Ada Songhor Salt project, owned by Electrochem (a subsidiary of the McDan Group of Companies), reaches full completion.
Initially, the plant has a production capacity of one million metric tonnes of salt per year, with plans to scale up to around two million tonnes by 2025. The concession, however, has an ultimate capacity of 15 million tonnes per year upon the completion of all phases.
Given salt’s essential role in food security and industrialization across the African continent, the long-term target of 15 million tonnes is projected to meet the demands of numerous countries on the continent. Notably, Ghana and Senegal are the only West African nations with natural salt mineral resources.
During the project’s launch, Minister of Trade and Industry, Kobina Tahir Hammond, mentioned that it could contribute approximately US$2 billion to the Ghanaian economy in the short-to-medium term while potentially creating more than 10,000 direct and indirect job opportunities in the near future. He also highlighted that Nigeria, a major salt consumer in Africa, imports over 1.5 million metric tonnes annually, with more than 80 percent of its industrial salt needs coming from Brazil. Electrochem is encouraged to explore opportunities in the Nigerian market.
Chairperson of the McDan Group of Companies, Daniel McKorley, described the Electrochem project as a game-changer for economic growth during an interview with B&FT.
“With deliberate efforts and the right financial facility, we can easily scale up this project to the 15 million m/t per annum in five years. With the completion of this phase one, we are currently creating about 3,000 jobs. And the most important thing is that it doesn’t require a degree to work here; this is the kind of job that members of this community need. About 98 percent of the workforce here will not require a degree to work, and that is what creating jobs means for a country like Ghana,” he said.
He described the project’s three phases: production of salt, establishment of a world-class salt refinery, and construction of a chlor-alkali plant to meet the highest industrial demands.
“AfCFTA is a huge market. It has given us a door into the African market, and McDan has been a pioneer since trading started… every industry needs salt, and salt has over 14,000 uses. It’s a critical resource for the manufacturing industry; even the recent COVID-19 vaccines from Morrocco relied on salt, so the potential to grow industries and our economy is enormous,” he stated.
Mr. McKorley made a request to the government for help with investments and the creation of fundamental infrastructure that supports them. “We humbly request government to construct the Ada West jetty, which is crucial for our expansion plans and the road network in the Ada area to aid in the transportation of products,” the company said.
Community impact
Being an organization committed to adhering to environmental, social, and governance (ESG) principles, Electrochem places significant importance on the sustainability of the local communities situated around its operational zone. In line with this commitment, the company has undertaken the initiative to establish more than 70 salt banks for seven communities along the Songor Lagoon. Each of these communities has the capacity to produce up to 260,000 tonnes of salt during each harvest season.
Daniel McKorley, the Chairman of McDan Group of Companies, stressed that his vision for the development of human capital and the socioeconomic empowerment of the Ada communities remains incomplete without the establishment of a Chemical Research University in Ada.
The salt concession encompasses an expansive area of approximately 41,000 acres, spanning across both the Ada East and Ada West local government administrative districts within the Greater Accra Region. Remarkably, in terms of acreage, this project is the largest in Africa but has remained inactive as an industrial salt-producing region since 1982.
Expressing his sentiments, Paramount Chief of the Ada Traditional Area, Djetse Nene Abram Kabu Akuaku III, expressed deep gratitude on behalf of the Ada Traditional Council for the establishment of the salt mine and processing plant. He commended the investment and development prospects that this project brings to the region.
The National Commission for Civic Education (NCCE) has expressed concerns over Ghana’s hosting of the Africa Continental Free Trade Area (AfCFTA) Secretariat.
In light of recent uprisings in West Africa, the NCCE has highlighted the potential security challenges arising from the opening of Ghana’s borders for free trade, as this could provide an opportunity for violent extremist groups to infiltrate the country.
During discussions with Parliament’s Public Engagement Department, Deputy Chairperson of the NCCE, Samuel Asare Akuamoah, emphasized the necessity of a collaborative effort to safeguard Ghana’s democracy while ensuring the successful implementation of the AfCFTA.
Akuamoah remarked, “Winning the bid to host the AfCFTA Secretariat wasn’t a simple achievement. Amid over 50 competing countries, we emerged victorious and committed to opening our borders as well as those of the continent. However, considering the context of West Africa, where the secretariat is situated, we are concerned about the presence of jihadist groups, violent extremists, and coup d’état situations. This presents a challenge. Therefore, as we engage with communities, whether through parliamentary service alone or in conjunction with us, addressing radicalization and violent extremism should be a key focus.”
African nations have been pushed to use the African Continental Free Trade Area (AfCFTA) to free themselves from the economic restraints placed on them by colonialism, neocolonialism, and imperialism.
It must flee from the subtle recolonisation tactics being pursued through the “honeyed policy shackles” of the International Monetary Fund, World Bank and the United Nations (UN) dogma.
Former Nigerian President Matthew Okikiola Ogunboye Aremu Obasanjo declared that the treaties and conventions on trade and commerce that imperialist institutions agreed to and signed before and after independence were not intended for the development of Africa.
“The restructured socio-economic and political neocolonialism characterised by its underlining capitalism, neoliberal globalisation, and cultural subjugation of Africa by the Britain Wood institutions is a recipe for continental failure,” he said.
“Thus, if African countries continue to depend on these instruments as the launch pad for their development, the Continent will at last fail regardless of its endowments.”
“The rippling dividend is the mocking economic growth, abject poverty, starvation, joblessness and youth hopelessness.”
Former President Obasanjo, an Honored Fellow of the African Youth and Governance Convergence (AYGC), conveyed this message during the 25th Session of AYGC, held in Mankessim within the Central Region.
Commencing on Saturday, August 12, the seven-day gathering brought together 65 delegates from 27 African nations, along with participants from the United States of America and Canada.
The objective of the forum is to unify the youth, cultivating a shared African identity while harnessing their potential to encourage responsible behavior and active participation in advancing sustainable development.
The event also aims to provide them with the necessary tools, platforms, and responsiveness to assert their rights, thus fostering social accountability, transparency, and fairness.
The Youth Bridge Foundation and partners put the programme together on the theme: “Advancing Youth Inclusive Governance, Peace, and Security: The Digital Innovation Factor.”
The ex-President emphasized that the AfCFTA offers a chance to boost trade and thereby enhance the economic prosperity of individual nations.
The establishment of this trade area is projected to elevate intra-African trade by $35 billion annually while curbing external imports by $10 billion.
Moreover, it holds the promise of opening doors for the expansion of small businesses, potentially elevating around 30 million individuals from the grips of extreme poverty.
Despite these significant advantages, he expressed his concern about African nations’ excessive reliance on the Bretton Woods Institutions. This dependence involves combining loans with specific conditions, which in turn promote the ‘Washington Consensus’ principles of a ‘free market’ doctrine.
Similarly, he lashed at leadership across the continent, saying: “The greatest failure of African leaders is the lack of full understanding of what being independent means and what it entails.
“The reason the colonial powers were here and why they committed all those atrocities even matter. Independence meant hard work to serve ourselves and our interests better than the colonial power.”
Early African leaders had the incorrect ideas, according to former president Obasanjo, by restricting independence to the right to free speech, the raising of national flags, leisure, and enjoyment.
Early African leaders were unaware of the unfairness of the newly established political, judicial, and neo-political systems.
“It is important to rebrand and turn Africa around for the world to know that Africans are one and good people with natural resources and diverse culture and we need strong partnerships with the diaspora to do this.”
“Let us build the human resources of Africa by extending a hand of friendship to them so that together we can help change the narrative of the continent, now and in the future.”
The sixth edition of the Volta Trade and Investment Fair has been launched by the Volta Regional Coordinating Council in collaboration with the Association of Ghana Industries.
The Fair is themed “Leveraging the African Continental Free Trade Area for Economic Development”.
The highly anticipated Fair, scheduled to take place from November 26 through December 10, 2023, will be held at the Ho Sports Stadium.
The Volta Regional Minister, Dr. Archibald Letsa, stated during the launch in Ho that the Fair aims to promote industrialization with a purpose of fostering the region’s private sector, which he described as the hub of the local economic development.
According to him, this could be done by creating a thriving local economy, which would then lead to the growth of the area and effective citizen participation.
“Industrial growth can only occur within a growing economy. We can only grow competitive industries when our economies are on the producing end and not on the receiving end”, he said.
“As an entrepreneur, I have personally tried it and I can assure you, it works”, he stressed.
However, he advised Ghanaian companies to prioritise value addition to bring their goods on par with those of their foreign competitors on the international market.
The 6th Volta Trade and Investment Fair’s theme was praised by His Excellency Eliphas Barine, the Kenyan High Commissioner to Ghana, for being in line with the objectives of the African Union.
The Volta Region has the potential to gain enormously from the African Continental Free Trade Area initiative, according to the UNDP Resident Representative, Her Excellency Dr. Angela Lusigi.
“This region is endowed with a rich tapestry of resources, from agricultural products to tourism, and has the potential to emerge as a key player in the African trade landscape. With its fertile lands, picturesque landscapes, growing manufacturing base, vibrant young entrepreneurs, and flourishing tourism sector, the Volta region has much to offer.
The region is in a favorable position to contribute significantly to Ghana’s export portfolio within the AfCFTA framework. For instance, the Volta region’s traditional industries, such as handicrafts and textiles, can be revitalized and integrated into the broader trade framework. This will not only preserve cultural heritage but also empower local communities and generate income”, she said.
She entreated local businesses to tap into the expanded AfCFTA market to reach larger markets on the continent to increase their trades and profit margins.
She however, explained that this can only be achieved with strategic planning, infrastructure development, and capacity building, hence entreating stakeholders “to invest in modernizing the region’s transportation networks, energy systems, and digital infrastructure to seamlessly connect with other African markets”.
The Volta and Oti Regional Chairman of the Association of Ghana Industries, Dela Gadzanku, disclosed that activities lined up for the Fair included the 2nd Volta Youth Summit, Maiden Volta Women Entrepreneurs Summit, Sports Investment Summit, Sports Heroes Award, Creative Arts Summit,AfCFTA Youth Innovation Contest, Volta Tours, Volta Bear Festival, and Round table meeting on the automotive policy
He hinted at some new additions to the annual fair, which are the creation of AfCFTA Village for exhibitors from other African countries and cultural nights for participating countries to showcase their valuable cultures and traditions.
“Togbe chairman, the stage is set for participants to explore uncharted territories, forge new partnerships, and pioneer groundbreaking initiatives”, he added.
The 6th Volta Trade and Investment Fair would provide a platform to promote goods, services, arts, culture, and tradition.
It is expected to attract about four hundred indigenous exhibitors and foreign companies.
A sum of GHC 35 million in grant support is slated for distribution among 270 carefully selected micro, small, and medium-scale enterprises (MSMEs) nationwide under the Ghana Economic Transformation Project (GETP).
This initiative is being carried out by the Ghana Enterprises Agency (GEA) with funding from the World Bank.
These recipient MSMEs are among those that have enrolled in the Youth in MSME, Women MSME, and SME High Growth programs, which offer financial and technical aid.
These businesses span various sectors, including agriculture, agro-processing, textiles, garments, transportation, logistics, food and beverages, as well as tourism and hospitality.
During a signing event for the grant agreement in Accra, Minister of Trade and Industry, K.T. Hammond, emphasized that these programs are integral to the government’s commitment to bolstering local enterprises, positioning them as viable entities for economic advancement.
Hammond pointed out that these programs aim to enhance the competitiveness of local MSMEs, positioning them to leverage current and future global or regional trade prospects, including initiatives like the African Continental Free Trade Area (AfCFTA).
The Women MSME Program, according to Hammond, will play a role in reducing gender disparities concerning capital access while also supporting entrepreneurship education and training.
The Youth in MSME program is tailored to empower young entrepreneurs to utilize e-commerce, social media, and digital marketing to promote their products, expand their businesses, and explore new avenues for growth and revenue generation.
Hammond stated that the SME High Growth program will further reinforce endeavors to foster growth and employment generation through industrialization, along with enhancing exports to boost revenue.
Addressing the beneficiaries, Hammond encouraged strategic utilization of the grant to enhance their businesses, assuring them of consistent monitoring and supervision by the Ministry and GEA to ensure proper fund usage.
Kosi Yankey-Aryeh, CEO of GEA, revealed that over GH¢65 million had been disbursed to nearly 800 SMEs between September 2021 and January 2023, as part of various GEA programs. Approximately 40 percent of these funds were directed towards women-owned enterprises, benefitting 311 businesses in the same timeframe.
She highlighted the positive impact of this support, noting a KPMG survey from December 2022 that indicated 3,195 jobs had been both created and sustained by 311 firms receiving GEA’s grant assistance. This not only led to profitability and staff retention but also facilitated expansion and additional employment opportunities.
Regarding the SME High-Growth program, Yankey-Aryeh emphasized its purpose to elevate businesses’ operational efficiency, competitiveness, and scale, ultimately resulting in job creation. In addition to financial assistance, these beneficiary businesses will also receive technical support to enhance their operational capabilities and boost revenue.
The Africa Bar Association has bestowed President Akufo-Addo with the Medal of Merit in Leadership Award.
The President of the Association, Hannibal Egbe Uwaifo, explained that the award recognizes President Akufo-Addo’s pan-Africanist ideals, commitment to combating corruption, outstanding governance, and enduring statesmanship.
“The Award was conferred on President Akufo-Addo because he is “a pan-Africanist, Anti-Corruption Crusader, a rare democratic leader in the field of good governance, a true African Statesman whose legacies present African leaders must emulate, and we are minded to say will stand the test of time,” Mr Uwaifo added.
Expressing gratitude for the honor, President Akufo-Addo acknowledged the esteemed status of lawyers in African societies and their pivotal role in liberation struggles.
“In all our countries, it must be a source of pride for us that lawyers were at the forefront of the fight for liberation from colonialism. Indeed, since independence, lawyers have moved seamlessly between politics and the legal profession,” he stated.
Speaking at the 2023 Annual Conference of the African Bar Association in Pretoria, South Africa, President Akufo-Addo emphasized the need for Africa to define its narrative, promote intra-African trade, and challenge colonial economic models.
He underscored the significance of the African Continental Free Trade Area (AfCFTA) as a historic opportunity for fostering intra-African trade, job creation, and economic growth.
The President highlighted that unity, stability, and democratic governance are vital for realizing the AfCFTA’s potential and achieving transformative industrialization across the continent.
President Akufo-Addo urged governments and businesses to provide bold leadership in embracing this pivotal moment in Africa’s journey towards prosperity.
The National Fisheries Association of Ghana (NAFAG) has urged the government to capitalize on the Africa Continental Free Trade Area (AfCFTA) to expand the market for Ghana’s tuna industry in landlocked nations.
With the AfCFTA, which is headquartered in Ghana, estimated to boost intra-African trade by over 52 percent through the creation of a single market for goods and services, trade expenses can be reduced.
Mr. Richster Nii Amarh Amarfio, Secretary of NAFAG, highlighted that, until a substantial market for tuna is established within Africa, the European Union has been the primary intermediary for trade concerns in the industry.
Mr Amarfio said that as a component of the media platform known as “Blue Gold: Ghana’s Economic Transformer,” which was started by the Ghana News Agency, Tema Regional Office, and intended to serve as a comprehensive journalistic interaction with participants and other stakeholders in the blue economy arena,
Additionally, “GNA-Tema Blue Gold: Ghana’s Economic Transformer” connects investors to the blue economy value chain, investigates untapped potential in the sector, and helps policymakers comprehend the difficulties that blue economy participants face.
Even though Ghana has enough tuna to meet all domestic and international demand, according to Mr. Amarfio, a former secretary of the Ghana Tuna Association, the EU market continues to be the industry’s only source of survival.
“Europeans eat a lot of tuna, both raw and canned, so the majority of it goes to the EU market; that’s why they have enough control over us,” he claimed.
According to Mr. Amarfio,Ghana may decide to use the AfCFTA as an opportunity to bypass these restrictions by developing the required market on the continent.
He urged the government to keep the industry alive because doing so would have an impact on both people who were directly involved in it and others who were dependent on its operations for a living downstream.
“I have not seen hotels in Ghana use tuna in their dishes other than the canned tuna they use for salads,” Mr. Amarfio said “creating an internal market could also come in the form of developing dishes that would use tuna.”
The Ghana Chief of Mission for the Commonwealth Enterprise and Investment Council, the official trade organization established by 56 Heads of Commonwealth Governments to promote trade and enterprise, has reaffirmed his request for an active engagement between the AfCFTA and his organization.
The Chief of Mission, John Apea, stated that although the African Continental Free Trade Area (AfCFTA) agreement has connected 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at US$3.4 trillion, its tangible benefits have yet to be realized. Apea was speaking at the recent India-African conclave organized by the Commonwealth and the Confederation of Indian Industries.
Mr. Apea said that no other organisation has the depth, breadth, connections and ties that the Commonwealth has, “The Commonwealth is home to a growing membership of 56 countries, 21 of which are African countries, with Gabon and Togo being the most recent to join at the Commonwealth Heads of Government Meeting in 2022. With a regional diversity only second to the United Nations, the Commonwealth covers 2.5 billion people (60% under 30), representing approximately a third of the world’s population, with a combined GDP around $13 trillion and which is estimated to reach 19.5 trillion by 2027”.
He added, “The Commonwealth network provides AfCFTA with important rails into other global networks. For example, Singapore, Brunei and Malaysia can link AfCFTA to the ASEAN network which has a GDP of 3.66 trillion dollars, whilst Canada which is the third largest economy in the Commonwealth, can be an important gateway for AfCFTA into the North American market with a GDP of 31.4 trillion USD. Malta can provide an important gateway into the European Union with a GDP of 15.8 trillion Euros”
He added that 44 of the G77 nations are Commonwealth members, along with 21 of the 39 nations that make up the African Union, 12 from the Caribbean Community and the Organization of the Islamic Conference, 10 from the Pacific Island Forum, and 7 from the Asia-Pacific Economic Cooperation.
The Managing Director of the Bulk Oil Storage and Transportation Limited Company (BOST), Edwin Alfred Provencal, has been honored as Africa’s Most Respected CEO in the Petroleum (Storage and Distribution category) for the year 2022.
The Managing Director of the Bulk Oil Storage and Transportation Limited Company (BOST), Mr. Edwin Alfred Provencal, was named Africa’s Most Respected CEO in the Petroleum (Storage and Distribution category) for the year 2022.
The prestigious event took place at the Intercontinental Resort in Balaclava, Mauritius, under the auspices of the Business Executive and the Economic Development Board of Mauritius.
The awards platform recognizes corporate leaders who contribute to the advancement of Africa and its population. Mr. Ladislaus Matindi, the Managing Director of Air Tanzania Company Limited, also received recognition as Africa’s Most Respected CEO 2022 in the Air Transport category.
Mr. Provencal dedicated the award to the Board, Management, and Staff of BOST, acknowledging their significant role in the company’s turnaround.
The citation highlighted Mr. Provencal’s efforts in revitalizing BOST, bringing it from years of losses to profitability and transforming the company’s assets.
The event emphasized the importance of collaboration between the public and private sectors for Africa’s progress, with a focus on leveraging the opportunities presented by the Africa Continental Free Trade Area (AFCFTA).
The Africa’s Most Respected CEO Awards seeks to honor exceptional leadership in both the private and public sectors as Africa strives for socio-economic development.
As part of its 60th anniversary celebration, the Volta River Authority (VRA) has initiated an educational program in selected schools in the Eastern Region.
The programme, which is in collaboration with the Ghana International Trade and Finance Conference (GITFIC) is to educate students on the African Continental Free Trade Area(AfCFTA).
To actualise their intentions, they have also distributed 1,000 books on AfCFTA to those educational institutions.
A statement signed by Selasi Koffi Ackom, Chief Executive Officer of GITFiC and copied to the Ghana News Agency in Accra said the collaboration was to enhance the performance of students before they got to the tertiary level.
The statement mentioned beneficiary schools as Adgyena Senior High Technical Schools, Anum Presby Senior High School, Akwamuman Senior High School, Boso Senior High School, Apeguso Senior High School, Krobo Girls Senior High School, Akro Senior High Technical School, Akuse Methodist Senior High Technical School and Manya Krobo Senior High School.
The rest are Yilo Krobo Senior High School, Klo-Agogo Senior High School, Asesewa Senior High School and Akosombo International School.
It said the sensitization and distribution were facilitated by a joint delegation including; Mr. Paul Seniagya (Director of Finance – VRA), Madam Tandy Chothia (Manager, Corporate Communications and Branding – VRA), Mr. Samuel Tettey (Director, Ghana Education Service – Lower Manya Krobo Municipality), Mr. Gerald Ekow Woode (Director, Research, Policy and Advocacy – GITFiC) among other dignitaries.
The statement said the books would be kept in the libraries of each school for rotational reading by all students.
“GITFiC remains steadfast in the pursuit of this endeavor as a supporting mechanism to the AfCFTA.”
Some sixty-five (65) Ghanaian Small and Medium Enterprises (SMEs) who took part in the just ended AfCFTA Market entry trade expedition organized by Ghana’s National AfCFTA Coordination Office (NCO), in collaboration with key AfCFTA implementing institutions in Ghana, under the auspices of Ghana’s Ministry of Trade and Industry (MoTI) are reported to have secured 158 individual B2B engagements, with a potential activation value between USD $5 million to $6 million, primarily in the areas of cosmetics, textiles, agro-processing, cocoa, and ceramics.
The market entry expedition which was held from the 23rd to 27th of May, 2023 also saw the enterprises sell 4,209 individual products items, with an estimated value of GH 552,300, with some companies in ceramic, edible oil, and cosmetic sectors, selling all their products during the first two days of the expedition.
The five (5)-day market entry expedition by Ghana to Kenya attracted about 3,200 visitors with 600 visitors daily , mainly made up of shoppers and businesses seeking various deals, and officials from firms and associations looking for dealerships and partnerships.
During a session to evaluate the maiden market entry expedition by the organizers and participants, some of the businesses shared their experiences. Faustina Nsoh (CEO, Sirigu Indigenous Traditional Real Art):
“Before the Expo even officially opened, I had Kenyan clients placing orders for my products. The Expo in Kenya was a great experience for me and my business and I look forward to doing business with the Kenyan partners I met at the Expo.”
Francesca Apeagyei (Co-Founder, Nguvu Global Limited): “The Ghana Kenya expo was a perfect success for us because it gave us the platform to serve the Kenyan market with great quality shea butter and Natural oils cosmetics from Ghana. We know that the product already is a sought after and for us, we were trying to figure out a way to penetrate the market therefore this initiative was perfect timing. The trade expo process was seamless. It was not at all frustrating for us. Everything was times properly from Shipping on logistics from Ghana to Kenya, and receiving the items and the selling process as well and customers from Nairobi, having access to a booth without any hustle so for me this has been 100% successful.”
Emmanuel Atakora-manu (CEO, Ifok Handmade Limited): “Overall, I will say the expo turned out successful for my company and me. 70% of the entire stock I sent to the expo was bought by individual buyers, 20% was bought by a wholesaler and 10% was of that deposited at the Ghana trade house. I had the opportunity to interact with some suppliers of my core raw material (leather) who promised to give me the best offer. Furthermore, a couple of people whom I still interact with are interested in my distributorship package”.
Many of the Ghanaian Companies that attested to securing new business partnerships, export opportunities, and investment commitments as it served as a platform for the companies to showcase their capabilities and connect with potential customers, resulting in tangible business growth and market expansion.
Companies like Marco Polo Tile Group, producers of ceramic sanitary ware and bathroom accessories, Sirigu Indigenous Traditional Real Art, producers of u-shoppers, pottery, and batik tie and dye, and Onrock firm, producers of edible coconut oil had their products sold out by the first two (2) days of the expedition.
The participants expressed overall satisfaction for the initiative and encouraged more of such to be organized regularly.
The organizers are making preparations for Ghana’s next market entry expedition under the AfCFTA and asserts that some new companies will also be engaged to prepare them for future market entry expeditions.
In order to increase intra-African trade, the African Continental Free Trade Area (AfCFTA) Secretariat and United Bank for Africa (UBA) inked a contract on Tuesday to support SMEs inside the AfCFTA financially.
The agreement was signed on the sidelines of the Afreximbank Annual Meeting 2023 taking place in Accra, Ghana.
The agreement is also intended to catalyse industrialisation to improve the socio-economic well-being of the continent.
According to the McKinsey consulting firm, Africa’s 85-95 million SMEs account for 80 percent of the continent’s private sector employment, which makes their growth extremely important.
The agreement acknowledges the need to bolster formal and informal economic operators, including women and youth.
It also aims to break down the barriers to intra-Africa trade and productivity, including SME access to finance and markets.
Under the agreement, the UBA will provide financial services to SMEs in four main areas: agro-processing, automotive, pharmaceuticals, transport and logistics.
During the signing, Wamkele Mene, secretary-general of the AfCFTA Secretariat, noted that “the support offered by UBA, will enable SMEs achieve industrial driven growth and export development in Africa.”
For his part, Muyiwa Akinyemi, deputy managing director at UBA, observed that the bank has a robust network spread across 20 countries on the continent. “In UBA, we say your small business is big business,” he said.
The agreement will “make the continental free trade area a reality,” Akinyemi concluded.
The specifics of the second iteration of the yearly Africa Prosperity Dialogues (APD) will be launched by the Africa Prosperity Network (APN) on Sunday, June 18, 2023.
The Launch of the 2nd edition of the APD will take place as a key side event at the 30th Afreximbank Annual Meetings, taking place in Accra, June 19-21, 2023, with the theme “Delivering The Vision, Building Prosperity For Africans.”
The Africa Prosperity Dialogues, which is organised by the APN, in partnership with the Africa Continental Free Trade Area Secretariat and the Government of the Republic of Ghana, among others, serves as a dedicated annual platform which brings together Africa and Global Africa’s business executives and organisations, thought leaders, and political leaders to think together, plan together and work together with the needed urgency to drive the goal of building the world’s largest single market in Africa.
The Africa Prosperity Dialogues was adopted by the African Union on 19th February, 2023, by its supreme policy and decision-making organ, as an important instrument for mobilising private sector ownership and drive of the continent’s all-important AfCFTA project. This took place at the 36th Ordinary Session of the Assembly of Heads of State and Government.
The hugely successful maiden edition of the Africa Prosperity Dialogues, which brought together the continent’s heavyweights of industry, was held at the Safari Valley Resort, Adukrom in the Eastern Region of Ghana from Thursday 26th to Friday 27th January 2023 and at the Peduase Presidential Lodge on Saturday 28th January 2023.
The highly attended 3-day retreat fostered collaboration among participating African states and businesses on how to attain shared ownership and responsibility in facilitating free trade and investment among AfCFTA’S 54 states.
Sunday’s launch of the 2nd edition of the Africa Prosperity Dialogues will take place at the headquarters of the AfCFTA, the Africa Trade House, Accra. This breakfast meeting will be attended by several dignitaries attending the 30th Annual Meeting of Afreximbank.
With Her Excellency Samira Bawumia, 2nd Lady of the Republic of Ghana, as the special guest of honour, other speakers will include, HE Wamkele Mene, the Secretary General of AfCFTA, Dr George Agyekum Donkor, the President of Ecowas Bank for Investment and Development, and Hon. KT Hammond, Ghana’s Trade & Industry Minister. The programme starts at 7:30am.
Secretary-General of the International Chamber of Commerce (ICC), John Denton, has said that the organization has placed a high priority on helping small and medium-sized businesses (SMEs) across the continent make the most of the African Continental Free Trade Area (AfCFTA).
Mr Denton, speaking to the B&FT in Accra during an official working visit to Ghana and sub-Saharan Africa, said the Chamber is working with its ICC Regional Centres of Enterpreneurship (CoEs) on the continent to prioritise and prepare SMEs to harness greater participation in the AfCFTA with emphasis on promoting cross-border trade.
With four centres of entrepreneurship across Africa, in countries including Ghana, Nigeria, Kenya and Morocco, the Chamber according to Denton, will lay major emphasis on open innovations for SMEs and take keen interest in women-led businesses.
Already, the ICC has built capacity for several women-led businesses in Africa with recent programmes, partnering UPS, Tralac and West Blue Consulting. The Chamber also hosted an open innovation for several startups in Nigeria, Kenya and the World Food Programme innovation accelerator in East Africa.
The ICC, Mr Denton said, is very focused on growing the private sector by supporting entrepreneurship particularly in sub-Saharan Africa as its CoE seeks to strengthen and further expand the Chamber’s extensive global network that currently comprises 6.5 million enterprises in over 130 countries.
“Apart from these inroads, the Chamber is also driving ecosystem partnerships with public and private actors including United Nations Economic Commission for Africa, United Nations Development Programme and development agencies such as USAID and GIZ” Mr Denton noted.
Addressing Mr Denton during a courtesy call, Minister of Trade and Industry in Charge of Small and Medium Enterprises (SMEs), Dr. Stephen Amoah, said Ghana has budding entrepreneurs with the potential to grow the nation’s economy but will need to be exposed to the required capital and ideas in order to be able to scale up and be competitive.
The ICC Secretary-General visited the Minister with his team from the renowned Global Association of Businesses, including Ghana’s former Attorney General, Marieta Brew Appiah who is a member of the ICC’ Arbitration Court and Doni Kwame, the Secretary-General of ICC Ghana.
Mr. Denton noted that the ICC has enjoyed a close working relationship with the Ministry of Trade and Industry through its Ghana National Chapter since the Chamber was launched in the country.
He said the ICC Ghana has led the organized private sector to advocate for the ratification of the World Trade Organisation Trade (WTO) Facilitation Agreement in Ghana and followed up with its implementation with the support of the Global Alliance for Trade Facilitation, an activity which, he asserted, is still ongoing for the National Trade Facilitation Committee.
He revealed that the ICC is currently advocating the extension of the WTO Moratorium on custom duties on Electronic Transmission and is therefore ready to engage government on that and also provide support or capacity building on international best practice on the calculation of VAT which has been a source of concern for ICC members globally.
Marietta Brew Appiah who is Ghana’s representative at the ICC’s International Court of Arbitration, briefed the deputy Minister on the works of the Court.
On Thursday, May 25, 2023, the Ministry of Foreign Affairs and Regional Integration organized a flag-raising ceremony and a food market to honor the 60th anniversary of African Union (AU) Day.
The ceremony was held at the Forecourt of the State House under the theme “Accelerated Implementation of the African Continental Free Trade Area(AfCFTA)”.
The Minister for Foreign Affairs and Regional Integration, Shirley Ayorkor Botchwey, in a statement read on her behalf by the Deputy Minister for Foreign Affairs Regional Integration, Hon. Thomas Mbomba, stated that the theme for the 60th anniversary of the African Union was critical towards harnessing the opportunities under AfCFTA for Africa’s sustainable development, now and in the future.
Shirley Ayorkor Botchwey called on member states of the African Union to work together for the implementation of the African Continental Free Trade Area (AfCFTA) and added that AfCFTA is the largest free trade area in the world which is a reason for all African countries to commit to the promotion of intra-African Trade and economic integration.
Ms Ayorkor Botchwey further noted that accelerating the implementation of AfCFTA has the potential to stimulate economic growth and development across Africa by removing barriers to Trade, such as tariffs, quotas and dumping, which culminates in increasing Trade within Africa through the creation of a larger single markets, boosting economies of scale and attracting direct foreign investment.
The Minister further urged member states to work together towards accelerating the implementation of the AfCFTA protocols as it has the potential to shape the economic future of the continent, strengthen its position in the global market, uplift the lives of its peoples and accelerate the sustainable growth and development of the continent.
The Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, Wamkele Mene, reaffirmed the strong commitment of the AfCFTA Secretariat to work with all the AU member states and partners to effectively execute its mandate to help achieve the goals and aspirations of the AfCFTA towards an integrated, prosperous and peaceful Africa. H.E. Mene urged member states to get involved in the actualisation of the aspirations of the African Continental Free Trade Agreement for the benefit of all Africans.
For her part, the Ambassador of Morocco to Ghana and Dean of the African Group of the Diplomatic Corps, Imane Quaadil, noted that considerable progress had been made since the inception of the AU. She reiterated the commitment of the African Group to take active part in all future initiatives aimed at achieving Africa’s prosperity and the well-being of the continent.
The flag-raising ceremony was followed by a food bazaar featuring different cuisines from across the African continent for participants to savour.
The ceremony was attended by members of the Diplomatic Corps, officials from the Ghana Armed Forces, Ministries, Departments and Agencies, the media, and students.
Labour unions across the African continent have expressed disappointment over the lack of their participation in the Africa African Continental Free Trade Area (AfCFTA) agreement.
According to the unions, it more concerning that the agreement as of yet does not include labour provisions.
“It is a question of not being involved at all, the question of not being so much doesn’t even arise. So we were not involved. But we thought that trade is an important component of our daily lives, it also affects employment. It has impact on our members across all sectors of our economy; textiles, poultry production, farmers and others.
So far as the policy stance of government or specific lay the African Continental Free Trade has impact on our members, we thought that it was only a matter of necessity that the unions should have been involved, the unions should have been asked to share their perspectives. It is not simply stopping the process, it is actually sharing our perspectives and ensuring that the process is fair, it is inclusive and eventually inures to the benefit of the country including its workers.
“So we are extremely disappointed that such a mammoth, very monumental initiative could go on across the continent without the involvement of unions,” the Director of Labour Research and Policy at the Trade Union Congress TUC, Dr. Kwabena Nyarko Otoo remarked to the media at a Consultative Dialogue on AfCFTA held in Accra on Thursday, May 25, 2023.
The Social Partners Consultative Dialouge on the African Continental Free Trad Area (AfCFTA) was hosted by the Ghana Trades Unions Congress in collaboration with the International Labour Organisation (ILO) to deliberate on labour issues on relative to the free trade agreement.
Senior Technical Specialist at International Labour Organisation (ILO), Bureau for Worker Activities – Abuja, Madam Inviolata Chinyangarara, said the aim of the workshop to was to bring labour unions to the table for discussions on the implementation of the AfCFTA agreement.
“This very discussion is coming at the right time and we have the right people at the table. The address by a representative from the secretariat has been very insightful to reinforce our strategies going forward.
She added that going forward, the ILO would like to see provisions being made in the AfCFTA agreement to ensure decent work and conditions that respects the rights of workers in a fair manner.
The meeting received addresses from the ministry of employment and labour relations as well as various labour unions in the country.
A senior advisor to the Secretary-General of AfCFTA, Peter Joy Sewornoo made a presentation in which he shared the progresses made in the implementation of the AfCFTA agreement.
Among other things, he noted that 54 out of the 55 African Countries have signed the AfCFTA agreement while 47 out of the number have since gone ahead to ratify the agreement.
Standard Bank Group’s 160-year history in Africa makes the Group more than a financial services organization. The Group has become a core and an indispensable member of the African community, offering not just integrated financial services and superior value, but also supporting the continent in varied and distinct ways.
In all the years that the bank has been in operation, we have been guided by the creed that Africa is our beating heart, and we are committed to creating shared value for our clients, our people, and society to help our continent realise its potential as part of the global economy.
Our vision to become the leading financial services organisation in Africa, delivering exceptional client experiences and superior value has found expression in our work on the continent over the years. Through the ever-changing expectations and needs of clients and businesses on the continent, Standard Bank has remained resolute in being the bank that continuously drives Africa’s growth.
Our obligation has been to help our clients navigate the diverse African landscape to realise their dreams through our reach, deep insight and expertise about Africa, and innovative thinking. We are a critical catalyst for economic change in all countries where we operate.
This lies at the core of our purpose to develop commercially sound ways to address the environmental and social challenges experienced in our countries of operation, thereby accelerating economic growth, human development and making a better life for all Africans.
Our purpose for driving Africa’s growth also means courting the right investments that provide the continent the impetus for growth. The bank has been consistent in working with multinationals seeking to make inroads in Africa to develop strategies, based on our expertise and experience on the continent, that make it easier for them to operate effectively on the continent. We believe we can make meaningful, positive impact on Africa’s growth by partnering with institutions that share this commitment.
This year’s theme for the AU Day celebration, ‘Accelerating the Implementation of the AfCFTA’ brings into sharp focus what we at the Standard Bank Group have always acknowledged and supported.
In our 160 years of existence, the Standard Bank Group has been driven by a desire to see Africa grow. That is why we say Africa is our home and we drive her growth. In linking up the continent for trade, the African Continental Free Trade Area (AfCFTA) Agreement presents an opportunity to grow Africa’s economy.
For decades, Africa has been characterized by fragmented markets that inhibit the acceleration of economic growth of countries on the continent. Available statistics show that Africa trades 85 per cent with the rest of the world and only 15 percent within.
The introduction of the African Continental Free Trade Area (AfCFTA) is a long-awaited intervention that promises to defragment the continent and boost the productivity of its economies.
When fully ratified by all African countries, the AfCFTA will become the largest free trade area by membership established under World Trade Organization (WTO) rules integrating 55 African economies.
The AfCFTA, will establish a single continental market for goods and services, facilitated by movement of capital and persons. Immediately, 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at US$3.4 trillion (World Bank, 2020) will be connected.
Beyond its ground-breaking size, the AfCFTA promises to be a paradigm shift and a deeper commitment to the integration of the continent by negotiating goods and services simultaneously.
The agreement is a potential economic game-changer for Africa’s development not only because of its potential to enhance intra-African trade but also to provide an opportunity for countries in the region to competitively integrate into the global economy, reduce poverty, and promote inclusion.
Many analysts are of the opinion that increasing trade through the AfCFTA will provide the impetus for reforms that activates productivity and job creation, thereby decreasing the incidence of poverty on the continent.
Indeed, the World Bank suggests that by 2035, implementing the agreement could help to lift an additional 30 million people from extreme poverty and 68 million people from moderate poverty.
It is estimated that implementing the AfCFTA will increase the volume of intra-African trade by 81% by 2035, and increase the volume of total African exports by 29% (World Bank, 2020).
By boosting intra-African trade and fostering regional value chains and production networks, the AfCFTA is expected to drive Africa’s structural transformation. Under the AfCFTA, Africa’s people, including entrepreneurs, professionals, workers and consumers, will be able to move across the continent, allowing them and the businesses they represent, to take advantage of opportunities to trade goods and services.
What remains critical, however, is the agility of entrepreneurs and business people to recognize these vast opportunities and take advantage of them thereof.
As the AfCFTA beckons, business people and entrepreneurs must position themselves strategically to leverage the opportunities provided by the agreement. As a starting point, entrepreneurs must arm themselves with as much information as possible about the agreement to be able to navigate through the nuances of the agreement.
Beyond learning about the agreement, value addition must be a preoccupation of businesses if the AfCFTA would be of any benefit to them. Value addition comes with capacity building that enables African businesses to progress from local players to regional players. The business community must adopt modern operations and business strategies and systems to ensure competitiveness.
The Bank has played a central role in the development of African economies for over a century and half. We have done this by constantly aligning our presence in the market-place with the evolving needs of the region’s economies – and by delivering relevant banking and financial services.
When we say Africa is our home and we drive her growth, it is not mere rhetoric. It is a belief by which we live and conduct our business. Our presence in 20 African countries and our unique value to Ghanaian and African companies planning to export to other countries on the continent coupled with our understanding of the local markets and our expertise in international trade, give us the opportunity to help facilitate the operationalization of the AfCFTA.
As we mark AU Day, Stanbic Bank would like to remind all Ghanaians that the dream of a Ghana with capable men and women managing the affairs of the country to achieve prosperity for all its people is still very possible.
By Farihan Alhassan Head, Business and Commercial Banking -Stanbic Bank
DISCLAIMER: Independentghana.com will not be liable for any inaccuracies contained in this article. The views expressed in the article are solely those of the author’s, and do not reflect those of The Independent Ghana.
The National AfCFTA Coordination Office (NCO) will lead a market entry expedition for Ghanaian businesses to Kenya from May 23–27, 2023 as part of the government’s initiative to help local businesses capitalize on the benefits of the African Continental Free Trade Agreement (AfCFTA).
Minister of Trade and Industry, K.T. Hammond, will lead the delegation to Kenya, accompanied by Deputy Minister of Trade, Nana Ama Dokua Asiamah-Adjei and other high-level officials of the NCO, Ministry of Trade and Industry (MoTI), GEPA and affiliate agencies. This underlines the importance attached to intra-African trade by the minister.
At the events, the NCO and GEPA will exhibit Ghanaian products and open the Ghana Export Trade House as part of the expo to climax the African Union Day observation.
Opening the Ghana Export Trade House, which will serve as hub for Made in Ghana goods in Kenya, coincides with the annual commemoration of AU Day to highlight the cultural and economic potential that exists on the continent, and also to deepen our Pan-African ideals.
Kenya has been selected for the pilot due to its position as the biggest market in East Africa which serves as gateway to the East African market, and to also deepen the existing bilateral bond between Ghana and Kenya.
Coordinator of the NCO, Dr. Fareed Kwesi Arthur, explained that the trade mission and expo will involve a combination of activities including matchmaking sessions, exhibitions, seminars and business networking events.
“The theme for 2023 AU Day is accelerating the implementation of AfCFTA, and holding the expedition side-by-side will create significant synergy and boost awareness of Ghanaian products in Kenya and a similar event in Egypt during the month of August,” the NCO Coordinator said.
Objectives of the trade expedition
The Market Entry Expedition, according to Dr. Arthur, is designed to facilitate the entry of Ghanaian businesses from different sectors into East Africa with focus on selling a mix of local SMEs drawn from the agro-processing, manufacturing, cosmetics and textiles sectors in the East African market.
As part of its aims, the event is also expected to increase Ghana’s trade with Africa under the AfCFTA while introducing local businesses and products from different sectors to selected target markets; identify value chain opportunities for local businesses; increase the presence of Made in Ghana brands across the sub-region; and establish market linkages between Ghanaian traders and East African companies and business associations.
As the main objective of AfCFTA is to boost intra-African trade, the pact seeks to open-up a market space for the 46 countries out of 55 which have ratified the agreement.
But with Ghana’s trade with Africa constituting just 14 percent (%) compared to its trade with the global market, it is anticipated that the Market Entry Expedition will boost the country’s trade fortunes with the rest of Africa.
Strides made under AfCFTA so far
Trading under the pact was officially launched on January 1, 2021, with commercially meaningful trade commencing on October 7, 2022 under AfCFTA’s Guided Trade Initiative. Ghana played a significant role in putting this initiative together, as it was led by the Continental AfCFTA secretariat, the NCO, among other critical institutions.
Expected outcomes of the Expedition
The NCO is optimistic that products from 100 Ghanaian companies in different sectors of the economy will be introduced to selected target markets in Kenya and the Egypt expedition during August this year.
The Coordination Office is also anticipating an improvement in trade volumes between Ghana and other African markets, as well as an increased presence and participation of Ghanaian products and businesses in regional value and supply chain networks.
Key partners
The Expedition is being funded by the World Bank’s Ghana Economic Transformation Project (GETP), the Deutsche Gesellschaft für Internationale Zusammenarbei (GIZ), United Nations Development Project (UNDP) and with additional sponsorship from Eximbank.
Ghana is yet to act in respect of a 90-day visa-free arrangement for ordinary passport holders with the Republic of South Africa (RSA), despite the challenges businesses and individuals currently have to go through to acquire a visa to travel to the Southern Africa nation.
AviationGhana sources close to the issue explained that the South African Home Affairs Department tabled the offer more than a year ago so as to facilitate trade and investment between the two countries but Ghana is yet to accept the terms.
The SA Home Affairs, which is separate from the country’s Foreign Affairs office, offered a 90-day visa-free entry per year for Ghanaian ordinary passport holders. Persons who want to stay longer would have the option of applying for visa to enable them extend their stay.
However, Ghana is said to have asked for 180days – a length of time rarely granted in such visa-free arrangements between two nations.
Additionally, while the SA Home Affairs office was seeking to have this done through a Memorandum of Understanding (MoU) since there already exist a bilateral relation between the two countries. However, Ghana say it is to table arrangement through Parliament before it can give effect to same.
The third issue is the removal of undesirable persons from the RSA. RSA wants the Government of Ghana (GoG) to bear the cost of returning its citizens who overstay their welcome or go contrary to the laws of RSA for which reasons they become unwanted in the rainbow nation.
GoG disagrees with this, according to close sources with in-depth knowledge about these discussions.
Despite these initial observations raised by Ghana, there has not been any further action on the South Africa visa waiver proposal. The RSA Home Affairs office says it has been waiting all this while for Ghana to act and move the discussions forward so as to actualize the said arrangement.
Push for E-Visa for a start
While Ghanaians struggle with booking appointments through the VFS to submit visa applications, Nigeria has been activated for online Visa Application processing. Which is more efficient and less frustrating?
While awaiting resolution of the issue, the Country Manager of South African Airways, Madam Gloria Wilkinson-Mensah, urged the institution of an online visa regime just as has been done for Nigerians traveling to South Africa.
“It will be a good alternative to the long-awaited visa waiver protocol between Ghana & RSA. With the AFCFTA secretariat in Ghana, headed by a South African, free movement of people and goods should start with these two countries as a goodwill gesture and commitment to the vision for the Continent.”
Background of the proposed visa-free travel to South Africa
In July 2019, Ghana along with 6 other countries, was penned down for a visa-free travel regime by South Africa Home Affairs office. The countries were: Qatar, United Arab Emirates, New Zealand, Saudi Arabia, Cuba, Ghana, Sao Tome and Principe.
Promises were made by SA authorities to meet their Ghanaian counterparts to finalize the implementation by the end of August 2019.
A visa-free regime was approved for all the countries on the list a few weeks later with the exception of Ghana and Sao Tome and Principe.
Don Emmanuel Agbanyo, a.k.a next MP, a Ketu North National Democratic Congress (NDC) Parliamentary Candidate hopeful, Monday filed his nomination and restated his ambition to create markets and financial systems towards transforming Ketu North’s rural economy if elected the Party’s Candidate and later Member of Parliament for the area.
He said the creation of a viable market and financial systems, which would link the production and marketing of farm produce was the way to create jobs and curb youth unemployment in the Municipality noted for agricultural production.
Mr Agbanyo said this in an interview with the GNA, that, this will be his third time contesting the primaries.
He said it was unfortunate that though the Municipality was noted widely in the West African sub-region for the production and marketing of exclusive quality palm oil, gari and rice, the people remained poor and said his aim was to change the narrative and open up the Municipality for rapid socio-economic growth.
Mr Agbanyo said it was high time Weta, Penyi, Afife and Dzodze, the capital of Ketu North, became the commercial hub of the Volta Region leveraging the passage of the ECOWAS International Highway through it, linking Ghana and neighbouring Republic of Togo, and said that was going to be one of his priorities – taking advantages under the African Continental Free Trade Area (AfCFTA) to make the area a market centre.
Mr Agbanyo, a Real Estate Developer, said he had engaged some investors who were ready to invest in irrigation and to support agro-processing industries taking advantage of the Ohawu Agriculture College in the Municipality.
He said once the Municipality was able to produce enough to feed itself and market through AfCFTA and local markets in Ghana, the rural economy would expand with opportunities for the service sectors-health and education.
Mr Agbanyo said his policy of “Education First” was to encourage and empower all, especially girls to be in school and said he would organise regular competitions for pupils and students from basic to tertiary level towards making Ketu North an education tourism Centre.
He said he would initiate various training schemes for traders, artisans, and people in the transport business to make their enterprises self-sustaining, towards “building the Ketu North we want”.
Mr Agbanyo said 2024 offered a new dawn for Ketu North, saying he was ready to give his all to transform the Municipality with opportunities for the young, medieval and the old and urged the delegates to vote for him.
Ten persons have picked forms to contest the NDC Ketu North Constituency primaries.
They are: Don Emmanuel Agbanyo, Afetsi Awoonor, Gabriel Kwamigah and Wisdom Nyamuame.
The rest are: Dr Donald Senanu Agumenu, Mr Prosper Ledi, Mr Leonard Nyakpo,Edem Agbana, Mr Francis Seglah and Mr John Adanu.
Dr James Avedzi, the current MP, who is also the Chairman of the Parliament’s Public Accounts Committee, is not contesting.
