Post by Trade Coach on Dec 30, 2021 20:58:15 GMT 1
Trading Under The AfCFTA: 8 Ecowas Countries Are Ready To Take Off - Ghana Ministry of Trade and Industry
Africa is about to take a dive into the single market model. Europe did it and was it a success? We will talk about the success and pains of Euro in due course and analyze why Britain opted out of the arrangement. Will this type of issue happen to AfCFTA in the future? Time will tell.
It is always important to look at issues holistically before going into it as the holy book says that a man who wants to build a house must first calculate the cost before embarking on it to be sure that he does not get stranded on the way for lack of enough resources to complete it.
Trading under the Africa’s single continental market is picking up gradually and coming to life. Nations in Africa are getting their acts together to push the single market agenda. This was disclosed by Dr. Fareed Arthur, the Senior Technical Advisor at the Ghana Ministry of Trade and Industry and Head of the National AfCFTA Coordination office.
Dr. Fareed revealed that in the West African region of Africa alone, about eight (8) countries including Nigeria, Ivory Coast, Sierra Leon, Gambia, and Liberia, Ghana have put in place various structures and also are at the point where trading could be initiated.
This show of preparedness indicates that there is a strong commitment from member states to advance the economic wellbeing of Africa through the implementation of AfCFTA.
Dr. Arthur who is from Ghana said that Ghana’s position as the commercial hub of Africa and host of the AfCFTA Secretariat challenges the country and Ghanaians to be able to lead the process of continental integration, adding that it holds several advantages that must be leveraged by Ghanaian businesses.
This is what Dr. Arthur said about Ghana “Ghana is in a position to lead this AfCFTA agenda; our bid to host the Secretariat was open with our eyes. There’s increasing recognition that, in terms of preparation and other things, we are quite ahead.”
300 Ghanaian companies are awaiting audit to enter AfCFTA market – Trade Minister.
The Ghanaian Minister of Trade and Industry, ALAN Kyerematen, has disclosed that close to 300 companies have been chosen and awaiting an audit by the ministry to give them the go ahead to go compete in the African Continental Free Trade Area (AfCFTA) market.
You have to remember that The African Free Trade Area became a reality and operational in January 2021, with the huge promise to make business across the continent easier for members.
The main idea behind this market is to create one of the world’s biggest free trade areas, it will open up a market of more than 1.2 billion people with a combined GDP of more than US$3 trillion, and this will create business opportunities and jobs across Africa while reducing the cost of some goods in the shops and markets.
Ghanaian government authorities have so far gathered about 300 companies and currently working with the companies to determine the specific types of support they will need to enable them produce and enter and compete into the continental market.
What are Nigerian officials with the responsibility of handling this issue of AfCFTA doing to make sure that Nigerian private sector companies are prepared for business in the AfCFTA era?
Especially on the area of trade tariffs, tariffs on 90% of goods will be phased out within 10 years. This is being done in stages and could take up to 2035, according to the AfCFTA Secretariat.
Trade across the continent had been very minimal. It has been just 2% of trade with other African countries in the period 2015-17, compared to 47% in the Americas, 61% in Asia, 67% in Europe, and 71% in Oceania, according to UN trade agency UNCTAD.
We promise to continue to follow happenings in the AfCFTA sphere in order to let our people know what is happening so as to key in easily when the time comes for trading to start in earnest.
Stay with us.
Our company is one of the best companies in agro export businesses in Nigeria, we train individuals and corporate organization on how to do export business the right way; if you are interested, please contact the admin of this forum to learn more.
Africa is about to take a dive into the single market model. Europe did it and was it a success? We will talk about the success and pains of Euro in due course and analyze why Britain opted out of the arrangement. Will this type of issue happen to AfCFTA in the future? Time will tell.
It is always important to look at issues holistically before going into it as the holy book says that a man who wants to build a house must first calculate the cost before embarking on it to be sure that he does not get stranded on the way for lack of enough resources to complete it.
Trading under the Africa’s single continental market is picking up gradually and coming to life. Nations in Africa are getting their acts together to push the single market agenda. This was disclosed by Dr. Fareed Arthur, the Senior Technical Advisor at the Ghana Ministry of Trade and Industry and Head of the National AfCFTA Coordination office.
Dr. Fareed revealed that in the West African region of Africa alone, about eight (8) countries including Nigeria, Ivory Coast, Sierra Leon, Gambia, and Liberia, Ghana have put in place various structures and also are at the point where trading could be initiated.
This show of preparedness indicates that there is a strong commitment from member states to advance the economic wellbeing of Africa through the implementation of AfCFTA.
Dr. Arthur who is from Ghana said that Ghana’s position as the commercial hub of Africa and host of the AfCFTA Secretariat challenges the country and Ghanaians to be able to lead the process of continental integration, adding that it holds several advantages that must be leveraged by Ghanaian businesses.
This is what Dr. Arthur said about Ghana “Ghana is in a position to lead this AfCFTA agenda; our bid to host the Secretariat was open with our eyes. There’s increasing recognition that, in terms of preparation and other things, we are quite ahead.”
300 Ghanaian companies are awaiting audit to enter AfCFTA market – Trade Minister.
The Ghanaian Minister of Trade and Industry, ALAN Kyerematen, has disclosed that close to 300 companies have been chosen and awaiting an audit by the ministry to give them the go ahead to go compete in the African Continental Free Trade Area (AfCFTA) market.
You have to remember that The African Free Trade Area became a reality and operational in January 2021, with the huge promise to make business across the continent easier for members.
The main idea behind this market is to create one of the world’s biggest free trade areas, it will open up a market of more than 1.2 billion people with a combined GDP of more than US$3 trillion, and this will create business opportunities and jobs across Africa while reducing the cost of some goods in the shops and markets.
Ghanaian government authorities have so far gathered about 300 companies and currently working with the companies to determine the specific types of support they will need to enable them produce and enter and compete into the continental market.
What are Nigerian officials with the responsibility of handling this issue of AfCFTA doing to make sure that Nigerian private sector companies are prepared for business in the AfCFTA era?
Especially on the area of trade tariffs, tariffs on 90% of goods will be phased out within 10 years. This is being done in stages and could take up to 2035, according to the AfCFTA Secretariat.
Trade across the continent had been very minimal. It has been just 2% of trade with other African countries in the period 2015-17, compared to 47% in the Americas, 61% in Asia, 67% in Europe, and 71% in Oceania, according to UN trade agency UNCTAD.
We promise to continue to follow happenings in the AfCFTA sphere in order to let our people know what is happening so as to key in easily when the time comes for trading to start in earnest.
Stay with us.
Our company is one of the best companies in agro export businesses in Nigeria, we train individuals and corporate organization on how to do export business the right way; if you are interested, please contact the admin of this forum to learn more.
