President Nana Addo Dankwa Akufo-Addo has tasked stakeholders in the country’s export value chain to work together to achieve the US$25 billion export revenue target expected within the next 10 years.

According to him, the coming into force of the African Continental Free Trade Agreement (AfCFTA) on January 1 presents an opportunity for the stakeholders including the relevant ministries, investment agencies, industries, regulatory agencies, among others, to work closely towards the target.

He was speaking in Accra yesterday at a Business Forum organised by the Ministry of Trade and Industry in collaboration with the Ghana Revenue Authority (GRA) and the National AfCFTA Coordination Office.

The event was on the theme, “Start of AfCFTA Trading in Ghana: Implementation Arrangements.”

President Akufo-Addo, who had been an advocate for the AfCFTA and, on many occasions, rallied for support for its ratification by member states, was delighted that the agreement had finally been implemented.

The AfCFTA is expected to increase intra-Africa trade by US$35 billion per year. It also aims to help transform economies on the continent through value addition of raw materials.

The President was optimistic that the AfCFTA would enable countries on the continent to record increased export revenue earnings, promote regional value chains and create jobs for the youth.

He reiterated the need for countries on the continent and stakeholders to ensure a successful implementation of the agreement and urged them to deal with barriers which could curtail gains.

He said the government was in the process of mobilising adequate financial and human resources to make Ghana the new commercial centre for trade finance and investments in Africa.

President Akufo-Addo noted that government’s programmes and policies including the One District One Factory (1D1F), Planting for Food and Jobs, Planting for Export and Rural Development, rollout of Integrated Customs Management System (ICUMS) at the port, among others, were designed to empower the private sector and transform the Ghanaian economy.

The Minister of Trade and Industry, Alan Kyerematen, said Ghana had built a solid foundation for the operationalisation of AfCFTA in the country including establishing a national coordination office which would provide the management support for the implementation of the programme.

He said the government had developed a national action plan and programme which contained detail activities to support the private sector. Additionally, he said the government had installed an institutional support structure, under the directive of the President to ensure the success of the programme.

Additionally, Mr Kyerematen further indicated that the government had set up technical working groups to support the private sector in different areas of implementation, access to finance and access to market information.

“We also have a liaison unit which will be working with the Secretary General of AfCFTA. In addition to this, government intervention in agriculture, infrastructure over the last four years have all created the foundation and the building blocks for the private sector to produce and access the African market,” he stated.

Secretary-General of AfCFTA, Wamkele Mene, commended Ghana for its commitment to the successful implementation of the agreement adding that Ghana had submitted about 90 tariff lines to be removed.

He said the secretariat was in discussions with the African Commercial Bank for a US$1 billion trade finance facility to support Small and Medium Scale Enterprises (SMEs) to benefit from the AfCFTA.

BY YAW KYEI and CLAUDE NYARKO ADAMS