The Minister for Trade, Agribusiness, and Industry, Elizabeth Ofosu-Adjare, has laid out a comprehensive plan to maximize the benefits of the African Continental Free Trade Area (AfCFTA).
During her vetting last week, she addressed key challenges and opportunities and noted the need for capacity building, policy synchronisation, and stronger diplomatic engagement to ensure Ghana and its neighbours thrive within the trade bloc.
With AfCFTA representing a market of 1.4 billion people and a total GDP of $3 trillion, Madam Ofosu Adjare expressed optimism about its economic potential for member states.
“It is excellent that we leverage AfCFTA because if we can do this, we are going to improve our various economies. One of the main ways to achieve this is through capacity building,” she stated.
She noted that many companies across Africa cannot fully participate in the opportunities provided by AfCFTA. She, therefore, pledged to prioritise initiatives that empower businesses with the tools and skills needed to compete effectively in the broader African market.
The Minister nominee also highlighted the importance of harmonising laws and regulations among member states, pointing out that despite agreements on the free movement of goods and services, certain countries continue to impose import bans on specific products, creating barriers for exporters.
To address these issues, she plans to work closely with AfCFTA member states, leveraging Ghana’s position as host of the AfCFTA Secretariat to foster diplomatic dialogue and resolve trade bottlenecks.
“We need to synchronise some of our laws,” she explained.
Additionally, she stressed the need to enhance security and improve economic infrastructure to ensure seamless movement of goods and services across borders.
The Minister nominee’s vision also includes exploring the concept of a 24-hour economy, which would position Ghana as a hub for trade and commerce, with industries operating around the clock to meet growing demand in the African market.
