Ghana Propels Trade Expansion and Economic Integration in Africa with the Launch of its National AfCFTA Policy in August 2022
| Accra, Ghana – In a momentous event that took place in August 2022, Ghana unveiled its National AfCFTA Policy Framework and Action Plan for Boosting Trade with Africa. This comprehensive strategy marks a significant milestone in Ghana’s commitment to harnessing the immense potential of the African Continental Free Trade Area (AfCFTA), the world’s largest trading block encompassing 54 African member countries, a population of 1.3 billion people, and a combined GDP estimated at US$3.4 trillion. As the host country for the permanent Secretariat of the AfCFTA, Ghana has recognized the crucial role it plays in driving the successful implementation of this historic initiative. By hosting the AfCFTA, Ghana aims to enhance its visibility as a premier investment destination in Africa while positively impacting the economic development agenda of the country. The launch of the National AfCFTA Policy Framework and Action Plan comes at a time when Africa is poised for economic transformation through increased intra-African trade. Africa, despite its abundance of natural resources, currently accounts for just 3% of global trade, and the continent grapples with a high poverty rate. The AfCFTA presents a transformative opportunity to boost trade within the continent, unlock economic potential, and foster overall development. To ensure its readiness for the AfCFTA, Ghana has implemented a series of proactive measures. Government initiatives such as the One District One Factory (1D1F) program, the Strategic Anchor Industries program, and the National Export Development Strategy have been tailored to enhance Ghana’s preparedness for trade under the AfCFTA. Moreover, significant investments in trade infrastructure, including railway rehabilitation, port expansion, construction of regional industrial parks, and the inland port at Boankra, are set to facilitate the seamless movement of goods and services between Ghana and its neighboring countries, enabling Ghanaian businesses to harness greater benefits from the AfCFTA. Key to facilitating trade with other African countries is the Integrated Customs Management System (ICUMS), a robust platform that provides a streamlined and efficient online registration process for traders, ensuring seamless tracking of trading activities between Ghana and the rest of the world. The objectives of Ghana’s participation in the AfCFTA are wide-ranging and ambitious. They include expanding market access opportunities for Ghanaian goods and services, stimulating the development of new export-oriented products tailored to the African market, generating increased demand for “Made in Ghana” products and services, providing timely market information to Ghanaian businesses, fostering the creation of innovative financial products for trading with Africa, and enhancing the value addition of Ghanaian goods for export to other African nations. To ensure effective coordination and implementation of the National AfCFTA Policy Framework and Action Plan, Ghana has established a robust institutional framework. Led by the Ministry of Trade and Industry, a National Steering Committee, Technical Working Groups, and the National AfCFTA Coordination Office have been instituted. The National Steering Committee, comprising accomplished experts and Chairs of specialized Technical Working Groups, provides vital technical guidance and oversight for executing the National Action Plan. The Technical Working Groups, composed of representatives from diverse ministries, departments, agencies, and private sector experts, play a pivotal role in identifying and addressing constraints and challenges related to intra-African trade. Their recommendations form the cornerstone of the National AfCFTA Policy Framework and Action Plan. The National AfCFTA Coordination Office assumes the responsibility of day-to-day management of implementation and program administration. Serving as a vital liaison between the AfCFTA Secretariat, the Ministry of Trade, and other Ghanaian stakeholders, the office ensures seamless coordination and effective communication. To download Ghana’s National AfCFTA Policy Framework and Action Plan click here |
