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Ghanaian companies to expand reach across Africa under AfCFTA – Akufo-Addo

February 28, 2024
Ghanaian companies expand reach across Africa under AfCFTA

Ghanaian companies are seizing the opportunities presented by the () to expand their operations beyond the borders of Ghana and tap into the vast potential of the African market.

President Nana Addo Dankwa highlighted Ghana's strides in East Africa, particularly in and , where Ghana is among the seven countries selected to participate in the Guided Trade Initiative (GTI) of the AfCFTA Secretariat. This initiative enables Ghana to export over 700 AfCFTA-certified products, including cosmetics, processed foods, beverages, coconut oil, shea butter, and garments, to these markets.

Speaking during his State of the Nation address to , President Akufo-Addo commended companies like Kasapreko Company Limited for their efforts in exporting to the Kenyan market. He emphasized the significance of Ghanaian companies viewing the entire African continent as their target market.

The GTI, a pilot implementation phase of AfCFTA, aims to accelerate the operationalization of the free trade agreement by testing the institutional, legal, and trade policy environment. Additionally, the African Export-Import Bank (Afreximbank) and the AfCFTA Secretariat have launched the Pan-African Payment and Settlement System (PAPSS) to simplify transactions across the continent.

Negotiations on Rules of Origin, a framework for determining goods qualifying for preferential tariff treatment under AfCFTA, are also making progress, with 88.3% already negotiated. Ghana's implementation of the free trade agreement has been recognized as exemplary by the AfCFTA Secretariat.

With Ghanaian companies expanding their reach and embracing the opportunities presented by AfCFTA, the continent is witnessing the beginnings of a transformative shift towards intra-African trade and economic integration.

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