GHANAIAN BUSINESS MUST TAKE ADVANTAGE OF AfCFTA—-COLONEL DAMOAH.
The Commissioner of Customs Division of the Ghana Revenue Authority (GRA) has asked Ghanaian companies in the retail and wholesale business to take advantage of the opportunities that lie in the creation of the African Continental Free Trade Area (AfCFTA).
Addressing the media in Kumasi Thursday afternoon, Colonel Retired Kwadwo Damoah said AfCFTA is the strategic framework for delivering on Africa’s goal for inclusive and sustainable development.
He noted that it is a concrete manifestation from the African Union (AU) that they seek to prioritize trade among nations on the continent.
Stressing further, Colonel RTD Damoah said the Free Trade Area promises a virtuous circle of greater market opportunities triggering more trade and investment.
The Commissioner asked Ghanaian businesses to add value to the goods and services they deal in to take full advantage of AfCFTA.
He noted that with value addition, growth will be synonymous with the same and thereby ensure the sustenance of businesses.
These opportunities in the free trade area, the Commissioner stated when tapped into by Ghanaian businesses would also lead to job creation and ultimately help to grow the Ghanaian economy.
He said such trading amongst the nations on the continent would ensure social inclusion and thus further enlarged markets.
Giving a background to AfCFTA, Col RTD Damoah said Ghana was selected as the country to host the secretariat of the continental body making it responsible for overseeing the implementation of the agreement.
He said the country is tipped to grow the intra-African trade through better harmonization and coordination of trade liberalization across the continent.
The Free trade agreements, the Commissioner revealed do not only reduce and eliminate tariffs but said they also help address behind the border barriers that would otherwise impede the flow of goods and services.
It also encourages investment and improves the rules affecting such issues as intellectual property, e-commerce and government procurement, the Commissioner asserted.