TIG Post

Tag: Mr Alan Kyerematen

  • Government outlines 10 strategic sectors for economic growth and prosperity

    10 important sectors have been identified by the government for development in order to support Ghana’s economic progress and prosperity.

    The sectors have investments as the engine of growth with the concentration on foreign exchange and foreign direct investment (FDIs) through export promotion.

    This was said by Mr. Alan Kyerematen, Minister for Trade and Industry, at the Ghana Free Zones Authority’s 3rd Annual Investment Week 2022. (GFZA).

    The purpose of the meeting, titled “GFZA: Championing Export-led Industrial Growth in the Context of AfCFTA and World Trade,” was to examine ways to strengthen the Authority’s operations and deal with issues facing businesses operating in free zones.

    The forum also put across policies that that would positively impact the operations of the enterprises.

    Mr Kyerematen, in his address said the Agro, Petrochemical, Bauxite and Aluminum, Iron and Steel, Automotive Assembly and Manufacturing, Pharmaceutical industries and Industrial Chemical were the sectors.

    The rest were  Garments and Textile, Manufacturing of Electronic and Electrical Appliances and the Manufacturing of Machinery and Equipment industries.

    Key areas to be developed under the agro industry would be oil palm, rice processing, poultry, fruits and juices with value addition being the driving force.

    Having had some automobile companies to establish vehicle assembling plants in the country, the Minister said a component manufacturing policy would soon be out to help localise component manufacturing.

    He said the garments and textiles industry was yet to be fully harnessed as done in Bangladesh with a 30 US$ billion earnings from export yearly.

    Ghana is one of the few countries ( Senegal, Namibia, Botswana, Kenya, Tanzania) with volumes of industrial salts and with a capacity to mine three million tons annually.

    Ghana could serve as a huge market for the petrochemical industry, however, she is mining less than 150, 000 tons.

    “We want to rebuild our economy with these strategic sectors which we believe can diversify our economy away from cocoa and gold,” he said.

    He said: “There is the need to promote exports as a nation now more than ever. I invite both foreign and domestic investment community to look at these sectors.”

  • Kyerematen calls for logistical support for successful AfCFTA implementation

    Minister of Trade and Industry, Mr Alan Kyerematen, has called on African countries to put up institutional and logistical frameworks to optimise benefits of implementing the African Continental Free Trade Area agreement (AfCFTA).

    He said having institutional structures and a programme of action for boosting intra African trade would enable entrepreneurs to take advantage of the huge market provided by the agreement.

    “We must ensure that we have the logistical support to ensure that we are able to move the goods from one country to another, ” he said.

    Speaking at the launch of the Africa Guided Trade Initiative in Accra, the Minister said, “… AfCFTA is not just on paper but a reality. And we are moving from talk and negotiations to action. ”

    The initiative was launched for seven member countries.

    The countries, which have signaled their readiness to start trading under AFCFTA, are Tanzania, Mauritania, Kenya, Egypt, Cameroon, Rwanda, and Ghana.

    Mr Wamkele Mene, Secretary-General of the AfCFTA Secretariat, said there would be more than 96 different products from the seven countries that would be freely traded duty-free and quota-free, under the rules of AfCFTA.

    These approved products include horticultural products, pharmaceuticals, rubber, aluminum kitchenware, sugar, steel, and wooden products.

    “This is the moment the founding mothers and fathers of the Organization of African Unity have longed for. We have finally honoured and made reality the vision of those who liberated our continent,” said Mr Mene.

    He added that, “we are connecting East Africa to West Africa, North Africa to Southern Africa. Trade will be the driver of inclusivity, creating opportunities for young Africans. So we have taken the first journey today, and I hope in 15 years, we will have succeeded in lifting millions and millions of Africans out of poverty.”

    Source: GNA

  • AfCFTA Sectratriat to launch Guided Trade Initiative

    On Friday, October 7, the African Continental Free Trade Area (AfCFTA) will introduce its Guided Trade Initiative.

    The effort will represent the beginning of significant commercial commerce between Ghana, Cameroon, Egypt, Kenya, Mauritius, Rwanda, Tanzania, and Tunisia on a trial basis.

    These nations were chosen to stand in for the five areas of the African Union, namely Western, Central, Eastern, Southern, and Northern Africa.

    The AfCFTA Secretariat formally began conducting business under the AfCFTA agreement on January 1.

    Since then, the Secretariat and State Parties have been working to put in place structures, procedures, processes, protocols, and documentations needed to enable the commencement of commercially viable trade amongst State Parties.

    On the 7th of October, the Secretariat in collaboration with the National AfCFTA Coordination Office under the Ministry of Trade and Industry will launch the AfCFTA Guided Trade Initiative.

    The Guided Trade Initiative aims to:

    1. Test the readiness of participating state parties under the AfCFTA;
    2. b) Demonstrate that the AfCFTA trading documentations are operational and viable;
    3. c) Confirm that the Customs and Revenue Authorities of the participating countries under the AfCFTA agreement are ready to process imports and exports.

    Under the Guided Trade Initiative, Keda Ceramics of Ghana will export ceramic tiles to Cameroon.

    Benso Oil Palm Plantation is also slated to export palm kernel oil to Kenya and

    Ghana will also receive approved goods from participating State Parties.

    The Guided Trade Initiative is a very significant step towards realising the African dream of boosting trade with each other and developing closer economic ties among State Parties.

    The launch will take place at a ceremony to be held at the Jubilee Lounge of the Kotoka

    International Airport and it will coincide with the 10th Council of Ministers (CoM) meeting to be held in Accra.

    The Government of Ghana has put in place robust support mechanisms to ensure that Ghanaian companies are empowered to harness the benefits of the AfCFTA.

    Under the direction and guidance of Mr Alan Kyerematen, Minister for Trade and Industry, the National AfCFTA Coordination Office is also working with over 200 identified companies to help build their capacities to enhance the competitiveness in the African markets.

    Following the official launch of the commercially meaningful trade, the National AfCFTA Coordination Office in collaboration with other Ghanaian agencies will be undertaking market expeditions to lead Ghanaian businesses to explore selected African markets to trade under AfCFTA.