By
Kodjo Adams, GNA
Accra, Dec. 11, GNA
– Dr Emmanuel Codjoe, Senior lecturer, Economics Department, University of
Ghana, has called on organisations to think together and address potential
risks to maximise the benefits of implementing the African Continental Free
Trade Agreement (AfCFTA).
Dr Codjoe said there
was the need for bold, accountable, predictable and active policy
implementation, which required government to play a key role in the successful
implementation of the free trade system.
The Senior lecturer
said this in Accra on Tuesday during a policy dialogue on the successful
implementation of the AfCFTA organized by the National Development Planning
Commission and the United Nations Development Programme.
Speaking on the
topic: “ AfCFTA and Livelihood in Ghana”, Dr Codjoe said, maximizing the
benefits of AfCFTA would require a sustained and long-term transformative
investment in agriculture, manufacturing and services to create new ideas of
comparative advantage and as well build a competitive advantage in the markets.
“These investments
must focus in infrastructure, financial services, health and education, legal
and accountancy, social and community services and security”, he said.
The aim of the
AfCFTA was to create a single continental market for goods and services with
free movement of people and investments.
It is also to boost
intra-African trade from the current 15 per cent to about three to four times
the current volumes over the next decade.
The free trade
policy would contribute to spurring economic growth and as well attract
investment from within Africa and the World.
Dr Codjoe said the
future of trade policy direction must strike a balance between liberalisation
and promotion of the private sector, calling for effective re-distributional
policies to mitigate the downsides of AfCFTA.
He called for urgent need to actively
encourage balanced growth across all sectors, with emphasis on employment
creation, greater job security, improved incomes and reduced income inequality.
Dr Codjoe said the
impact of AfCFTA on the Ghanaian economy would be mix of positives and
negatives, focusing on services, agriculture and the industry sector.
He said the creation
of a bigger market with reduced tariffs would offer expansion in competitive
areas including agricultural activities, manufacturing, electricity and
construction, transportation and education and health.
Dr Codjoe said areas
that were at risk include trade, hotels and restaurants, professional administrative
and support services.
Dr Claudia Rita
Kumah, an Economist, Bank of Ghana, said government is committed to ensure a
stable micro economy for a successful implementation of the free trade policy.
“We are committed to
price stability and will implement measures to ensure that the currency is
stable for businesses to thrive”, she said.
Mr Franklyn Ayensu
Nyarko, Treasurer, Access Bank, said the bank has positioned itself to maximise
the full benefits of the free trade system with its regional expansion to
create enough capital for any possible risk.
He said the bank’s
aim was to make trade financing cheaper for Small and Medium Enterprises to be
competitive in the emerging markets.
GNA
