The Deputy Minister of Trade and Industry, Hon. Herbert Krapa has intimated that the objects of the African Continental Free Trade Area (AfCFTA) cannot be realized without a deliberate boost in the volume of exports by individual member states.
He observed that the AfCFTA, touted as the new dawn of Africa’s integration agenda, holds a potential to advance equitable development for all with its ability to address the challenges of small fragmented markets and the promotion of economic diversification and industrialization.
These benefits according to the Deputy Minister “cannot be achieved if the private sector is not empowered to export in significant volumes. Thus the case for constantly enhancing the productive capacity of our exporters could not be better made”.
Speaking at the Ghana Export-Import Bank Stakeholder Consultative Forum on Export Trade and Guarantee Facilities held in Accra on Tuesday, Hon. Krapa who is in charge of International Trade at Ministry of Trade and Industry said that global trade was facilitated by exports and consequently, exports was crucial to the success of AfCFTA.
He noted that in light of this, export development remained a core component of President Akufo-Addo’s Industrial Transformation agenda which is being implemented through the National Export Development Strategy.
He therefore called for a strong collaboration between the Ministry of Trade and Industry and relevant stakeholders such as the Ghana Export promotion Authority, Ghana Export-Import Bank, Ghana Free Zones Authority, Food and Drugs Authority and the private sector to work together to increase Ghana’s export to the regional and global markets.
Hon. Krapa mentioned that it was empirical on stakeholders to ensure that Ghana takes advantage of the monumental trade opportunity that AfCFTA and other multilateral and bilateral agreements such as the African Growth Opportunity Act (AGOA) and the Economic Partnership Agreement with European Union provides for Ghanaian exporters.
He however expressed his gratitude to the Management and staff of the Ghana Export-Import Bank for their immense contribution to export trade development of the country since its establishment in 2016.
He urged the Bank not to relent on its effort of export trade facilitation so as to further enhance the productive capacity of Ghanaian exporters.
The Coordinator of the National Coordination Office of AfCFTA, Dr. Fareed Authur in a remark at the Consultative Forum made it known that his outfit was very much focused on the task assigned it and were engaged in trade facilitation efforts to ensure conscious removal of trade barriers, expansion of trade infrastructure and information exchange with other trade missions across the region.
Mr. Lawrence Agyinsam, the Chief Executive Officer of the Ghana Export-Import Bank assured that the Bank with products like the Export Trade Facility, the Receivable Discounting Facility and the Provisional Guarantee Facility, will continues to deliver on its mandate as stipulated in its establishing Act, Act 991.
The Stakeholder Consultative Forum was also attended by Mr. Mike Oquaye, the Chief Executive officer of the Ghana Free Zones Authority, the Chairman and Members of the Board of Directors of the Ghana Export-Import Bank and other industry players.
