AfCFTA

AfCFTA: Disbursement Of $1Bn Adjustment Fund Expected To Commence Early 2025
11 Oct

AfCFTA: Disbursement Of $1Bn Adjustment Fund Expected To Commence Early 2025

Wontumi1Business
The African Continental Free Trade Area (AfCFTA) is expected to commence the disbursement of its adjustment fund to Ghana or any other member state that will express interest in taking advantage of the gamut of financing options available under the initiative. The AfCFTA Adjustment Fund was designed to provide short to medium-term financial support to State Parties and eligible private sector projects that may be adversely affected by declining fiscal revenues as a result of tariff reductions and reduced competitiveness arising from trade liberalisation. The Secretary General of the AfCFTA, Wamkele Mene at a news conference to herald the Biashara Afrika…
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Pres Akufo-Addo Highlights AfCFTA’s Role In Continental Transformation
16 Aug

Pres Akufo-Addo Highlights AfCFTA’s Role In Continental Transformation

Wontumi1News
During the 5th anniversary celebration of the Council on Foreign Relations Ghana, President Nana Addo Dankwa Akufo-Addo delivered a keynote speech emphasizing the transformative potential of the African Continental Free Trade Area (AfCFTA) Agreement in driving Africa’s economic integration and industrialization. Speaking on the theme “The Limits of the Current Development Co-operation Framework for Africa’s Transformation,” the President highlighted the AfCFTA as a key component of a new paradigm for development cooperation in Africa. The AfCFTA Agreement, according to President Akufo-Addo, represents a bold and transformative initiative aimed at accelerating intra-African trade, promoting industrialization, and fostering economic integration across the…
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AfCFTA To Mobilize $10 Billion To Support SMEs
05 Apr

AfCFTA To Mobilize $10 Billion To Support SMEs

Wontumi1Business,
The African Continental Free Trade Area (AfCFTA) Secretariat has announced its commitment to mobilize $10 billion to bolster the development of small and medium-scale enterprises led by youth across Africa. The AfCFTA revealed that it has already allocated $150 million to support the burgeoning businesses of young entrepreneurs in Africa. Additionally, it aims to augment its funding resources through partnerships with institutions such as the United Bank of Africa and the Africa Exim Bank. Delivering his address at a ceremony to welcome the President of Kenya, H.E. Dr. William Ruto to the AfCFTA Secretariat, the Secretary General of AfCFTA Secretariat,…
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Take Full Advantage Of AfCFTA To Expand – Akufo-Addo To Ghanaian Businesses
21 Dec

Take Full Advantage Of AfCFTA To Expand – Akufo-Addo To Ghanaian Businesses

Wontumi1Business
Government is encouraging local businesses to expand their portfolio using the African Continental Free Trade Area (AfCFTA) platform for accelerated economic growth. President Akufo-Addo said the opportunities presented by the AfCFTA were enormous, and ought to be unlocked to make local businesses globally competitive. “It is a real game-changer, and once fully realised, we can potentially increase on an annual basis, according to the Economic Commission for Africa, intra-Africa trade increase by some US$35 billion and reduce external imports by some US$10 billion,” he stated. President Akufo-Addo was addressing the 31st and 32nd President’s National Awards for Export Achievement, in Accra. The…
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Ghana Investment And Trade Week Summit Opens In Accra
23 Oct

Ghana Investment And Trade Week Summit Opens In Accra

Wontumi2News,
A three day Ghana Investment and Trade Week Summit under the auspices of the Ghana Investment Promotion Centre (GIPC) in partnership with MIE Group has opened in Accra with a call on businesses to take advantage of the numerous opportunities offered by the African Continental Free Trade Area (AfCFTA) for the continent to become the world's saviour in times of crisis. Delivering a welcome address on the theme: Accelerating Economic Growth: Amplifying Ghana’s Global Market Footprint Through AfCFTA, the CEO of GIPC,Mr Yofi Grant stated that the described the gathering as a landmark summit which has brought together investors, traders,…
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Financial Institutions Urged To Partner And Innovate For Export Growth In The AfCFTA Era
23 Oct

Financial Institutions Urged To Partner And Innovate For Export Growth In The AfCFTA Era

Wontumi2Business
Mr. Divine Kutortse, a Programme Officer at the National AfCFTA Coordination Office, has emphasized the need for Financial Institutions to evolve from mere regulators to collaborative partners with local businesses in Ghana. He stressed that these institutions should not solely focus on loan repayments, but should actively innovate their product offerings for SMEs in Ghana, especially in light of the vast potential of the African Continental Free Trade Area (AfCFTA). This entails engaging with businesses across the entire trade spectrum. Mr. Kutortse made these remarks during the CBG Thought Leadership Breakfast Meeting, which centered around the crucial theme of "Import…
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AfCFTA’s Success Hinges On Industrialisation – Expert
07 Sep

AfCFTA’s Success Hinges On Industrialisation – Expert

Wontumi2Business
The African Continental Free Trade Area’s (AfCFTA) success hinges on the continent’s ability to embrace industrialisation and focus on boosting productive capabilities, Global Chair of Brazil, Russia, India, China and South Africa (BRICS) Business Council, Busi Mabuza, has reiterated. Equally important, she stressed, is the need for collaboration and cooperation to unlock the economic potential of respective nations. Also, embracing partnerships and alliances can create new avenues for investment and mutual growth, she said. “We cannot afford to fail in unlocking the opportunity of industrialising the African continent. It is important that we move away from extractive relationships that the…
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AfCFTA Will Unlock Benefits For Both African And BRICS Countries – Ramaphosa
24 Aug

AfCFTA Will Unlock Benefits For Both African And BRICS Countries – Ramaphosa

Wontumi1Business, ,
South African President, Cyril Ramaphosa is optimistic that the African Continental Free Trade Area Agreement (AfCFTA) will unlock immense economic benefits for the African continent and other trading blocs around the world. The African leader who made these comments in an opening remark at the 15th BRICS Summit in Johannesburg South Africa explained that advancing the African agenda is a strategic priority for South Africa which is currently chairing the BRICS bloc. The theme for this year’s summit is on the theme: “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism” with more than 20 more…
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Trade Vulnerability Prompts Urgent AfCFTA Utilisation
21 Aug

Trade Vulnerability Prompts Urgent AfCFTA Utilisation

Wontumi2Business
A recent report by the Ghana Statistical Services (GSS) has spotlighted the intricate dynamics of trade across the African continent, igniting discussions on the pressing need for economic diversification and the significance of the African Continental Free Trade Area (AfCFTA) initiative. The release of the ‘Ghana 2022 Trade Vulnerability Report’ has shed light on the prevailing trade landscape, drawing attention to South Africa’s formidable position in intra-African trade. With exports reaching nearly GH₵15billion, South Africa retains a dominant role, influencing the direction of trade within the continent. Ghana’s trade interactions, spanning both exports and imports, show a strong affinity toward…
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National AfCFTA Coordination Office Launches Ghana Expo 2023- Tanzania
03 Aug

National AfCFTA Coordination Office Launches Ghana Expo 2023- Tanzania

Wontumi1Business, ,
As part of Ghana’s Strategy for boosting trade with the rest of Africa the government, the government established the National African Continental Free Trade Area (AfCFTA) Coordination Office under the Ministry of Trade and Industry. The NCO has over the last 2 years implemented strategies designed to create awareness of Ghanaian stakeholders and Micro-, Small and Medium-sized Enterprises (MSMEs) and to prepare them to participate on the African market. In October 2022 Ghana alongside, Kenya, Cameroon, Egypt, Rwanda, Mauritius and Tanzania participated in the Guided Trade initiative in Collaboration with the AfCFTA Secretariat. This GTI signalled the beginning of commercially…
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