Ghana has emphasised that the African Continental Free Trade Area (AfCFTA) must be implemented more quickly in order to hasten the socioeconomic development of the continent.
During the 60th anniversary of the Organisation of African Unity (OAU), now known as the African Union (AU), Madam Shirley Ayorkor Botchwey, Minister of Foreign Affairs and Regional Integration, stated that advancing the AfCFTA was essential for a number of reasons.
She emphasised that one of them was the potential to promote economic growth and development throughout Africa by removing trade restrictions like tariffs, quotas, and dumping.
By expanding single markets, increasing economies of scale, and luring direct foreign investment, “these would ultimately result in increased trade within Africa.”
In a speech delivered on her behalf by her deputy, Mr. Thomas Mbomba, Madam Botchwey made the appeal during a flag-raising ceremony at the State House in Accra.
That was a component of events commemorating the 60th anniversary of AU Day, which had as its theme “The Accelerated Implementation of the AfCFTA.”
The event was to recognise the vision and milestones achieved towards an integrated, prosperous, and peaceful Africa, driven by its own citizens and representing a dynamic force in the global arena.
Madam Botchwey claimed that the ceremony’s main purpose was to honour the founding members of the AU, whose vision for the continent was one united Africa free from all forms of (neo)colonialism.
“We should not take that for granted, as a people,” she said. “Today, we are beneficiaries of the sacrifices that our independence fighters made to ensure the complete liberation of the continent.”
“The reason we need to keep stoking the emancipation flames lit by our forefathers.”
Speaking on the subject, Madam Botchwey asserted that the AfCFTA had the potential to change Africa’s economic landscape and boost its position in the global market.
“In order to ensure that African citizens, both individuals and groups, benefit fully, it is imperative that we take action on implementing the various arrangements and protocols as soon as possible.”
All Africans should be committed to promoting intra-African trade and economic integration because AfCFTA is the largest free trade area in the world in terms of the number of participating countries, she said.
Madam Imane Ouaadil, the Dean of the African Group and the Ambassador of the Kingdom of Morocco to Ghana, paid tribute to President Kwame Nkrumah of Ghana, who, along with a few other visionary African leaders, including Mohammed V of Morocco, founded the Casablanca Group in 1963 as a first step toward the creation of the OAU, which is now the AU.
She remarked that Ghana was a privileged location from which to praise Africa’s resiliency and tenacity.
The Secretary-General of the AfCFTA Secretariat, Mr. Wamkele Mene, stated that the Free Trade Area would increase intra-African trade, rekindle industrialization, and pave the way for Africa’s meaningful integration into global value chains and the overall global economy.