Herbert Krapa, the deputy minister of trade and industry, has revealed that Ghana will start trading under the African Continental Free Trade Area, along with seven other nations (AfCFTA).
The Customs Union is one of 46 African nations who have already presented their tariff bids under the AfCFTA, which has been signed by 54 African nations thus far.
In phase two negotiations on investment, intellectual property rights, competition policy, women and youth in trade, and digital trade, Herbert Krapa reported that 87.7% of tariff lines had been reached agreement on.
Speaking at the Export Trading Company Seminar in Accra, the Deputy Minister of Trade and Industry said, “Actual trading is starting between Cameroon, Egypt, Kenya, Mauritius, Rwanda, Tanzania, Tunisia and Ghana. In the coming weeks, the dream of our forebears will be off the ground, and historic as the moment may be.â€
He further commended Afrexim Bank for setting up export trading companies across Africa to facilitate trade across the continent.
AfCFTA was introduced in 2018 and it aims at creating a single market for Africa, as well as, ensuring the free movement of goods and services on the continent.
This free movement of goods and services will help expand Intra-African trade.
This implies that goods will be sold at a relatively cheaper price because of the increase in production which will, in turn, create both direct and indirect jobs for the teeming unemployed youth.
The free trade area also allows traders and/or importers to stay competitive.
Businesses when conducted in a free and safe environment will help reduce poverty in member states as well as create sustainable development.