Africa’s economic transformation will not come from aid but trade says Ghanaian president

Although we are headquartered in Washington D.C. USA, our reporters and editors are working around the globe to cover what you care about. We invite you to donate to our fundraiser to help us keep our quality news free and available to all.  

At a ceremony on Monday to commission the permanent secretariat of the African Continental Free Trade Area (AfCFTA), Ghana’s President Nana Akufo-Addo and Moussa Faki Mahamat, chairperson of the AU Commission, reiterated the importance of the body to the continent’s economic transformation agenda.

“The economic integration of Africa will lay strong foundations for an Africa beyond aid. Africa’s new sense of urgency and aspiration of true self-reliance will be amply demonstrated by today’s ceremony,” Akufo-Addo said.

Ghana was selected as the venue for the headquarters by African leaders during a Summit of AU Heads of states in Niamey in July last year, to launch the implementation phase of the agreement, which is expected to spur regional trade among member countries. Currently, 54 states have signed on to AfCFTA, out of which 28 have ratified. 

[read_more id="2" more="Read full article" less="Read less"]

President Akufo-Addo  appealed to member states that have not ratified to do so before the next AU summit in December, “to pave the way for the smooth commencement of trading from 1 January 2021.”

The COVID-19 pandemic has heightened the importance of the success of the AfCFTA, the Ghanaian president said. “The destruction of global supply chains has reinforced the necessity for closer integration amongst us so that we can boost our mutual self-sufficiency, strengthen our economies and reduce our dependence on external sources,” he said.

AfCFTA, the world’s largest free trade area, has the potential to transform the continent with its potential market of 1.2 billion people and combined GDP of around $3 trillion across the 54-member states of the AU. Mahamat said the opening of the secretariat marked a milestone in the vision of Africa’s founding founders for continental integration.

Wamkele Mene, the first Secretary-General of the AfCFTA, said the agreement offered an opportunity for Africa to confront the significant trade and economic development challenges: market fragmentation, small national economies, over-reliance on primary commodity exports, narrow export base, lack of export specialization, under-developed regional value chains and high regulatory and tariff barriers to trade.

“We have to take action now. We have to take action to dismantle the colonial economic model that we inherited,” Mene reiterated.

The African Development Bank Group provided a $5 million institutional support grant to the AU towards the establishment of the AfCFTA secretariat which is located in an ultra-modern office complex in the central business district of the Ghanaian capital.

“The African Development Bank congratulates the AU/AfCFTA on the investiture of the Secretariat hosted by Ghana on 17 August 2020.The Bank is delighted to be associated with this groundbreaking, game-changing, transformational continental initiative in furtherance of the objective to create the Africa we want,” said Solomon Quaynor, the Bank’s Vice-President for the Private Sector, Infrastructure and Industrialization.

“Our support to the AfCFTA is in keeping with the Bank’s role of continental leadership in helping to build special-purpose vehicles that are critical to the successful implementation of crucial institutions to accelerate Africa’s economic development objectives,” Quaynor added.

The event also featured virtual goodwill remarks from AU Chairman, President Cyril Ramaphosa of South Africa, and Nigerien President Mahamadou Issoufou.

[/read_more]

Today News Africa
Today News Africahttps://todaynewsafrica.com
TODAY NEWS AFRICA is registered and headquartered in Washington, District of Columbia, United States of America. Our publication is widely read, respected and influential. By providing daily answers to questions our readers have about the people, the businesses and the continent of Africa, we are reaching a diverse and wide audience from around the world. Our readers, many of them world leaders, trust us because we are independent and truthful. Our advertisers understand the difference between news, views and ads. Contact us: contactus@todaynewsafrica.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Now

300,504FansLike
227FollowersFollow
6FollowersFollow
1FollowersFollow
909FollowersFollow
138SubscribersSubscribe

JUST IN

Amnesty International USA urges Trump to condemn ‘white supremacy and racist violence’ following blunder at chaotic debate

Amnesty International USA on Wednesday urged President Donald Trump to condemn 'white supremacy and racist violence', a day after Mr. Trump...

New York police planned assault on Black Lives Matter protesters in Bronx on June 4, human rights group says in shocking 99-page report

New York City police planned the assault and mass arrests of peaceful protesters in the Mott Haven neighborhood of the South...

South Africa’s minister of defense Nosiviwe Mapisa-Nqakula in the eye of the storm again, even after ‘salary sacrifice’

President Cyril Ramaphosa has directed that documentation relating to a recent visit to Zimbabwe by Minister of Defence and Military Veterans...

Former colonizer Queen of England whose country left Africa in ruins congratulates Nigeria on 60th independence anniversary

Former colonizer Queen of England whose country left Nigeria in total political and economic chaos has sent a message of felicitation...

Amnesty International forced to halt work in India as government targets rights groups

Amnesty International India announced that it is halting its work in the country after the Indian government froze its bank accounts in an act of...

MOST POPULAR

Damning report finds detainees in Iran were sexually abused and given electric shocks in gruesome post-protest crackdown

Iran’s police, intelligence and security forces, and prison officials have committed, with the complicity of judges and prosecutors, a catalogue of...

IMF has given $31 billion to 76 countries to respond to COVID-19, including over $10 billion to 47 low income nations

The International Monetary Fund (IMF) has given $31 billion in emergency financing to 76 countries in the world to respond to...

Nigerian activists send open letter to President Buhari urging him to prosecute more than 100 high-profile corruption cases he has ignored

Nigerian activists have sent an open letter to President Muhammadu Buhari urging him to prosecute more than 100 high-profile corruption cases...

Nigeria could shut down on Monday as more unions pledge to join strike amid increase in power and petrol prices

Africa's most populous country, Nigeria, could shut down on Monday, as more unions pledge to join a strike action amid an...

Biden wins disastrous, embarrassing, worst presidential debate, as out of control Trump fails to change perceptions and refuses to condemn white supremacists

Joe Biden won the first presidential debate on Tuesday night amid countless interruptions by President Donald Trump who was supposed to...

Amnesty International USA urges Trump to condemn ‘white supremacy and racist violence’ following blunder at chaotic debate

Amnesty International USA on Wednesday urged President Donald Trump to condemn 'white supremacy and racist violence', a day after Mr. Trump failed to do just that during his chaotic debate against Democratic challenger Joe Biden.“Are you willing tonight to condemn white supremacists and groups to say they need to stand down and not add to the violence and...

[/read_more]

[read_more id="2" more="Read full article" less="Read less"]

Share
WhatsApp
Reddit
Tweet
Share