Ghana’s Daily Photo reported on January 6 that Ghana’s President Akufo Ado said at a business forum jointly organized by the Ministry of Trade and Industry of Ghana and the
Ghana Revenue Service on January 5 that so far, 54 of the 55 African Union countries have signed the Continental Free Trade Area Agreement, of which 34 have Member States have deposited the instrument of ratification.
The agreement will leverage the purchasing power of 1.2 billion Africans and increase intra-African trade by as much as $35 billion a year.
The agreement will increase Africa’s export revenue, promote regional value chains, and create a large number of jobs for African youth.
Akufo Addo said that the Ghanaian government will support private sector exports to other African countries and ensure that Ghanaian enterprises derive the maximum benefit from the Continental Free Trade Area Agreement;
The Ghanaian Government will also ensure that sufficient financial and human resources are mobilized to make Ghana a new business center for trade financing and investment on the African continent.
From January 1, 2021, all African countries that have signed the agreement and deposited the approval documents will enjoy the 10% tax exemption of trade goods.
The secretariat of the Continental Free Trade Area is located in Accra, the capital of Ghana.
