AfCFTA Archives - Page 2 of 3

26 Jun

UBA Partners With AfCFTA To Invest $6Bn To Finance SMEs In Africa

wontumionlineBusinessAfCFTA, UBA

United Bank for Africa (UBA) Plc on Monday, June 19, signed an agreement with the Africa Continental Free Trade Area (AfCFTA) Secretariat to invest $6 billion as funding for African Small and Medium Enterprises (SMEs) within the next three years. A breakdown of the $6 billion investment shows that a total of $1.2 billion has been budgeted for the year 2023; $1.9 billion for 2024 and $2.88 billion for 2025. UBA signed the agreement with AfCFTA on the sidelines of the opening ceremony of the 30th Afreximbank Annual Meeting (AAM) which was held in Accra. By this agreement, UBA to boost…

05 Jun

Ghana Serves As A Launchpad For Saudi Businesses To Access Wider Market – Saudi Arabia Ambassador To Ghana

wontumionlineBusinessAfCFTA, Mr Sultan Abdulrahman, saudi arabia

The incoming Ambassador of the Kingdom of Saudi Arabia to Ghana, H.E. Mr. Sultan Abdulrahman Al Dakhel has presented his Open Letters of Credence to the Deputy Minister for Foreign Affairs and Regional Integration, Thomas Mbomba. He did that on Friday 2nd June, 2023 at the Foreign Ministry. Hon. Mbomba, extended appreciation to the former Saudi Arabia Ambassador, H.E. Meshal Hamdan Al-Rogi for his commitment and contribution to the sustained growth of Ghana-Saudi relations and hoped that the Ambassador-designate would continue the good works of his predecessor to further strengthen the bilateral relations between the two countries. He added that…

01 Jun

Private Sector Participation In AfCFTA Vital To Success Of Intra-African Trade – McDan

wontumionlineBusinessAfCFTA, Dr Daniel McKorley

Chairman of the McDan Group of companies, Dr Daniel McKorley, has underscored the importance of private sector participation in the implementation of the African Continental Free Trade Area (AfCFTA). According to him, the sector remains pivotal in the success of the free trade pact which aims to rake $35 billion in intra-African trade annually. Dr McKorley who was presenting a practical paper on the introduction of AfCFTA National Trading Companies at the 2nd Ministerial Retreat on the African Continental Free Trade Area in Kenya called for increased private sector participation to realise the full benefits of AfCFTA. “The private sector has a…

30 Apr

Ghana Calls On Austria To Support AfCFTA

wontumionlineNewsAfCFTA

President Nana Addo Dankwa Akufo-Addo, and the Chancellor of the Federal Republic of Austria, Karl Nehammer have agreed on key areas of cooperation primary on strengthening existing bilateral ties between the two countries. The areas of focus, according to President Akufo-Addo were on issues relating to economic growth, trade and investment promotion, support for peace and security within West Africa, climate resilience and adaptation, amongst others. This was upon the visit of the Austrian Chancellor to Ghana, the first of an Austrian Chancellor since bilateral ties begun between the two countries, Wednesday, April 26, 2023 at the Jubilee House in Accra. In…

19 Apr

We Are Open To Accelerating AfCFTA’s Success – CEO Of Shippers’ Authority

wontumionlineBusinessAfCFTA, Benonita Bismarck, Ghana Shippers’ Authority

The Chief Executive Officer (CEO) of the Ghana Shippers’ Authority (GSA), Benonita Bismarck, has expressed the readiness of her organization to collaborate with the African Continental Free Trade Area (AfCFTA) Secretariat to develop effective transport and logistics policies and programmes under the AfCFTA Agreement. According to her, the success of AfCFTA largely hinges on an effective transport and logistics regime that can support trade among African states. She made this known when a team from the AfCFTA Secretariat led by the Head of Trade Facilitation and Customs, Madam Demitta Gyang, paid a working visit to the GSA at the Shippers’…

07 Feb

5 Important Things To Know About The African Continental Free Trade Area Agreement

wontumionlineBusinessAfCFTA, African Continental Free Trade Area, African Continental Free Trade Area Agreement

The African Continental Free Trade Area (AfCFTA) which unites the 55 members of the African Union (AU) and eight Regional Economic Communities (RECs), is the largest free trade area in the world. It has an overarching goal of establishing a single continental market with a combined GDP of around US$3.4 trillion and a population of over 1.3 billion. One of the centerpiece initiatives of Agenda 2063: The Africa We Want, the African Union’s long-term development plan for making the continent a worldwide superpower, is the AfCFTA. The AfCFTA is to Africa what the European Union Free Trade is to Europe.…

26 Jan

Kwahu Summit 2023: Success Of AfCFTA Is Our Collective Success – Gabby Asare Otchere-Darko

wontumionlineBusiness, NewsAfCFTA, Gabby Asare Otchere-Darko, Kwahu Summit

Gabby Asare Otchere-Darko, the founder and chairman of the Africa Prosperity Network, has said the African Continental Free Trade Area (AfCFTA) promises economic integration hence its success will be the collective success of the African continent. Otchere-Darko said Africans must put in every effort to achieve the goals of the AfCFTA. Speaking at the opening of the maiden Africa Prosperity Dialogues at the Safari Valley Resort in Adukrom in the Eastern Region, he said, “Its [AfCFTA’s] success is our success. If it works, it will boost significantly trade and investments, provide jobs and increase prosperity across the continent, like never…

19 Jan

AfCFTA Hub Needs Massive Investment To Succeed – Ursula

wontumionlineBusinessAfCFTA, Ursula Owusu Ekuful

There must be a deliberate and continuous effort to sustain the progress made with Africa Continental Free Trade Agreement (AfCFTA) and looking forward to more progress to help the Africa continent on a better scale of preference. This is according to the Minister of Communications and Digitalisation and Member of Parliament for the Ablekuma West constituency, Hon. Ursula Owusu-Ekuful. She believes more investment into the area of digitalization, will help with such sustainability and also better Africa with its own identity in all areas. She made this known at the 74th edition of the annual New Year School and Conference by the University…

14 Sep

Inaugural AfCFTA Women & Youth In Trade Conference Opened In Dar Es Salaam

wontumionlineBusinessAfCFTA

The African Continental Free Trade Area (AfCFTA) has opened the inaugural AfCFTA Women & Youth in trade conference in Dar es Salam, Tanzaania on Monday September 12. The conference is dubbed “Women and Youth The Engine of AfCFTA Trade in Africa” The Secretary General of the AfCFTA Secretariat, Mr Wamkele Mane in his opening remarks reinforced the objective of the event which is to ensure that young people Small and Medium Scale Enterprises (SMEs) led by women, are at the center of the benefits of the AfCFTA. “This morning, we kick started the inaugural #AfCFTA Women & Youth in trade conference dubbed “Women and Youth The Engine of AfCFTA…

07 Sep

GRA Allays Fears Over Revenue Loss Due To AfCFTA

wontumionlineBusinessAfCFTA, GRA, Rev. Dr Amishaddai Owusu Amoah, Tax Research Network Congress

The Ghana Revenue Authority is allaying fears over the projected loss of revenue from tax collection due to the implementation of the African Continental Free Trade Agreement (AfCFTA) in the short term. According to the World Bank, there will be a decline in port tariffs for member countries, as a result of the trade agreement. The decline in revenue is expected to be moderate in the early years due to progressive liberalisation, however, in the longer term, between 2025 and 2045, the decline will increase from 3% to 9%. Speaking in an interview with Joy Business after addressing the Tax…