AfCFTA Archives - Page 2 of 3

26 Jun

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

Wontumi1BusinessAfCFTA, 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

Wontumi1BusinessAfCFTA, H.E. Mr. Sultan Abdulrahman Al Dakhel has presented......., Mr Sultan Abdulrahman, The incoming Ambassador of the Kingdom of Saudi Arabia to Ghana

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…

10 Jul

President Akufo-Addo Speaks On Ongoing Global Economic Turmoil

Kakra NunuBusiness, FeaturedAfCFTA, Africa, BOMA, Ghana

President Akufo-Addo in his capacity as the African Union Champion of Financial Institutions addressed the Boma of Africa (www.africaboma.com), at the invitation of the African Union and AfroChampions, on the ongoing global economic turmoil. He strongly urged the assembled leaders to prioritise and focus on collective actions to strengthen Africa's influence in the global economic order. He expressed concern that smaller economies, many of them in Africa, often suffer the harshest consequences during global downturns though they contribute the least to the causes of these upheavals. The international instruments for resolving these crises lack input from smaller economies. Africa therefore…

05 Nov

President Akufo-Addo Commissions JETRO Ghana Office

Kakra NunuBusiness, FeaturedAfCFTA, JETRO

The President of the Republic, Nana Addo Dankwa Akufo-Addo, on Friday, 5th November 2021, opened formally the Ghana Office of the Japan External Trade Organization (JETRO), at an event in Kempinski, Accra. JETRO is one of the companies President Akufo-Addo engaged with in his official visit to Japan nearly three years ago. Toyota Tsusho, is one of the companies the President engaged with, for which an assembly plant has been established in Ghana. With Ghana and Japan having had strong, longstanding bilateral relations since 1957, resulting in co-operation in the fields of agriculture, education, energy, finance, food, governance health, infrastructure,…

27 Jul

Allow National Switches to Integrate Into Pan African Payments And Settlement System – VP Bawumia

Kakra NunuBusiness, FeaturedAfCFTA, African Export-Import Bank, Bawumia, Ghana, Pan African Payment and Settlements System

Vice President Mahamudu Bawumia has called on the African Export-Import Bank (Afreximbank) to re-examine the strategy it is currently using to implement a centralized payment and settlement system for intra-African trade and commerce payments. The Pan African Payments and Settlement System (PAPSS), developed by the Afreximbank is the first centralized payment market infrastructure for processing, clearing and settling of intra-African trade and commerce payments. It is expected to facilitate payments as well as formalise some of the unrecorded trade due to prevalence of informal cross-border trade in Africa. Rather than requiring individual financial institutions across the continent to connect to…

29 Mar

“Business Opportunities From AfCFTA Enormous” – President Akufo-Addo To Spanish Gov’t

Kakra NunuBusiness, FeaturedAfCFTA, Africa, COVID-19, Europe, Focus Africa 2023, Spain

The President of the Republic, Nana Addo Dankwa Akufo-Addo, says a very important plank of the new strategic partnership between Africa, Spain and Europe would be the strong support for the African Continental Free Trade Area (AfCFTA), which began trading on 1st January. Speaking at the “Focus Africa 2023” Conference held in Madrid, in Spain, on Monday, 29th March 2021, President Akufo-Addo indicated that the AfCFTA will link all the fifty-four (54) markets of Africa, covering 1.2 billion people, into a single market. “It is the world’s largest free trade area outside of the World Trade Organisation (WTO) itself. By…

15 Jan

Afreximbank Supports Implementation Of AfCFTA

Wontumi2BusinessAfCFTA, Afreximbank

The African Continental Free Trade Area (AfCFTA) Secretariat with support from the African Export-Import Bank (Afreximbank) will introduce mechanisms for supporting trade under the agreement. One of such mechanisms that the Secretariat is working on with Afreximbank is the Pan-African Payment and Settlement Platform. Mr Wamekele Mene, the Secretary General of AfCFTA Secretariat, speaking at a virtual press briefing on the Status of AfCFTA, said the Bank had agreed to provide the liquidity settlement and payment with initial amount of 500 million dollars. Trading under the AfCFTA started in earnest on January 1, 2021, following a five- and half-year period…

12 Jan

AfCFTA: GUTA Calls For Access To Cheaper Credit To Be Competitive

Wontumi2BusinessAfCFTA, GUTA

The Ghana Union of Traders Association (GUTA) says it will require access to cheaper credit to be able to take full advantage of the African Continental Free Trade Area (AfCFTA) agreement. According to the Ghana Union of Traders Association, the commencement of the AfCFTA means it would now have to compete with businesses from other African countries who have access to credit facilities at lower rates than are currently being offered in Ghana. President of the Ghana Union of Traders Association, Dr Joseph Obeng says although his outfit welcomes the implementation of the AfCFTA, it hopes the obvious limitation will…

03 Dec

Our AfCFTA Goals Will Fail Without Private Sector Inclusion – Minister

Wontumi2BusinessAfCFTA

Mr Robert Ahomka-Lindsay, Deputy Minister of Trade and Industry, says private sector participation is key to the country’s quest to benefit from the Africa Continental Free Trade Area (AfCFTA) agreement. He said the government recognised the role of local entrepreneurs and was committed to supporting businesses succeed under the AfCFTA. The Minister, who was addressing a regional stakeholders conference in Ho on the trade agreement, said the continental free trade area held prospects for the business community. “Entrepreneurs must all be commended. It is not easy to set up and sustain a business throughout the years. It is a journey…

25 Nov

AfCFTA Secretariat rolls out ‘Vision’ initiative backed by Super-App

Wontumi2BusinessAfCFTA

The Africa Continental Free Trade Area (AfCFTA) Secretariat has launched a new initiative known as the AfCFTA Vision which is purposed to bring together financial institutions to share knowledge on how to implement the trade agreement in 2021. The initiative, which is in partnership with the Sankoree Institute, an affiliate of AfroChampions, comes barely two weeks left to the Extraordinary Summit of African Union Heads of State on 5th December 2020, ahead of the expected start of trading under AfCFTA in Ghana. According to a statement released by the AfCFTA Secretariat, the AfCFTA Vision initiative is aimed at “creating a…