{"id":140915,"date":"2024-01-19T09:54:50","date_gmt":"2024-01-19T09:54:50","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/01\/19\/functional-private-sector-participation-key-to-afcfta-success-president-akufo-addo\/"},"modified":"2024-01-19T09:54:50","modified_gmt":"2024-01-19T09:54:50","slug":"functional-private-sector-participation-key-to-afcfta-success-president-akufo-addo","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/01\/19\/functional-private-sector-participation-key-to-afcfta-success-president-akufo-addo\/","title":{"rendered":"Functional private sector participation key to AfCFTA success\u2013 President Akufo-Addo \u2013"},"content":{"rendered":"

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President Nana Addo Dankwa\u00a0Akufo-Addo, has reiterated calls for effective private sector led participation to ensure the success of the African Continental Free Trade Area.<\/strong><\/p>\n

Speaking at the 2024 World Economic Forum event on \u201cDriving Action Under the African Continental Free Trade Area and Launching the First\u00a0AfCFTA\u00a0Private Sector Action Plan\u201d, on Wednesday, January 17, 2024,\u00a0President Akufo-Addo\u00a0indicated that there is the need for private participation if AfCFTA is to be as transformational as envisaged.<\/p>\n

\u201cCritically, active private sector participation will be key to the success of this transformational initiative.\u00a0Excellencies, let\u2019s not lose sight of the fact that the\u00a0AfCFTA\u00a0is not a \u201cgovernment\u00a0initiative\u201d, rather it represents the first step toward empowering our private sector to lead the economic\u00a0emancipation\u00a0and transformation of our continent\u201d he indicated.<\/p>\n

He also assured the global economic community of\u00a0Ghana\u2019s unflinching commitment to the success of the African Continental Free Trade Area and recognizes its potential to change the course of the continent\u2019s economic\u00a0development.<\/p>\n

\u201cAs the host of the\u00a0AfCFTA\u00a0Secretariat, Ghana is committed to the success of the\u00a0AfCFTA,\u00a0and\u00a0recognizes\u00a0its potential to change the trajectory of Africa\u2019s economic development.\u00a0It is a well-known fact that, for Africa to grow,\u00a0she must overcome a legacy of market fragmentation,\u00a0stemming from the many political and economic barriers that have stifled the continent\u2019s developmental potential\u201d he stated.<\/p>\n

Viewed\u00a0from\u00a0this lens, President Akufo-Addo said\u00a0\u201cAfCFTA\u00a0is a vision for a\u00a0\u201cnew emancipated Africa that trades with\u00a0herself,\u00a0creates jobs for\u00a0her\u00a0peoples\u00a0and produces what\u00a0she consumes\u201d. Ghana recognizes the transformative potential of this vision, and\u00a0she is\u00a0committed to doing\u00a0her\u00a0part to take advantage of the\u00a0AfCFTA\u00a0initiative and the opportunities it presents\u201d.<\/p>\n

He also spoke about what the Ghanaian Government has done to realize the full benefits of AfCFTA. \u201cThe Ghanaian Government\u00a0has\u00a0put in place a national\u00a0AfCFTA\u00a0Policy Framework, duly launched in August 2022, to provide the requisite strategic direction necessary for realizing the full benefits of the\u00a0AfCFTA. Additionally, seven\u00a0(7)\u00a0thematic working groups were constituted under a National\u00a0AfCFTA Coordination Office to oversee the facilitation of trade policy, infrastructure development, trade finance and factor market integration to support the national\u00a0AfCFTA\u00a0Policy Framework and Action Plan\u201d<\/p>\n

Moreover, according to the President, the National\u00a0AfCFTA\u00a0Coordination Office launched a programme in 2020 to identify firms and businesses with strong export potential to support them in expanding their presence across African markets.\u00a0Against the backdrop of sudden and dramatic disruptions to supply chains for essential products and increasingly frequent global crises, Ghana, he stressed, believes genuinely that the time has come to move towards an economic model which first and foremost serves Africa.<\/p>\n

To realize fully the benefits of the\u00a0AfCFTA, President Akufo-Addo indicated that there is the urgent necessity to address the critical need to finance and develop adequate infrastructure and services,\u00a0so that\u00a0domestic businesses can trade extensively beyond their borders.\u00a0In addition, long-term cooperation in investment and\u00a0competition\u00a0policies will be essential to overcoming market dominance by a few actors and reducing structural and regulatory barriers to market entry, according to the President.<\/p>\n

\u201cAlso, concerns relating to the destruction of jobs, currency manipulation, the proliferation of \u201ccheap substitutes\u201d,\u00a0and the use of smaller\u00a0nations\u00a0as a beachhead for \u201ctax-dodging\u201d multinationals,\u00a0must be addressed.\u00a0Taken together, economic benefits,\u00a0such as additional GDP growth of\u00a0one to three percent,\u00a0employment\u00a0growth of\u00a0some one-point-two percent (1.2%), intra-African trade growth of\u00a0thirty-three percent (33%), and a\u00a0fifty percent (50%)\u00a0decline in Africa\u2019s trade deficit,\u00a0must strengthen our resolve towards leveraging the\u00a0AfCFTA\u00a0for the realization of a united, prosperous, and self-reliant Africa\u201d he emphasized.<\/p>\n

\u201cTruly, we are one step closer\u00a0finally\u00a0to making Africa a proud, connected continent,\u00a0where people cannot only realize their ambitions,\u00a0but\u00a0also\u00a0do so\u00a0in\u00a0an atmosphere of continental brotherhood\u201d he told the gathering.<\/p>\n

\"\"<\/figure>\n

<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

President Nana Addo Dankwa\u00a0Akufo-Addo, has reiterated calls for effective private sector led participation to ensure the success of the African Continental Free Trade Area. Speaking at the 2024 World Economic Forum event on \u201cDriving Action Under the African Continental Free Trade Area and Launching the First\u00a0AfCFTA\u00a0Private Sector Action Plan\u201d, on Wednesday, January 17, 2024,\u00a0President Akufo-Addo\u00a0indicated […]<\/p>\n","protected":false},"author":1,"featured_media":140916,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-140915","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nFunctional private sector participation key to AfCFTA success\u2013 President Akufo-Addo \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/01\/19\/functional-private-sector-participation-key-to-afcfta-success-president-akufo-addo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Functional private sector participation key to AfCFTA success\u2013 President Akufo-Addo \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"President Nana Addo Dankwa\u00a0Akufo-Addo, has reiterated calls for effective private sector led participation to ensure the success of the African Continental Free Trade Area. Speaking at the 2024 World Economic Forum event on \u201cDriving Action Under the African Continental Free Trade Area and Launching the First\u00a0AfCFTA\u00a0Private Sector Action Plan\u201d, on Wednesday, January 17, 2024,\u00a0President Akufo-Addo\u00a0indicated […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ghanamma.com\/2024\/01\/19\/functional-private-sector-participation-key-to-afcfta-success-president-akufo-addo\/\" \/>\n<meta property=\"og:site_name\" content=\"Ghanamma.com\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-19T09:54:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/01\/image-636.png\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"405\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Ghana News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/01\\\/19\\\/functional-private-sector-participation-key-to-afcfta-success-president-akufo-addo\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/01\\\/19\\\/functional-private-sector-participation-key-to-afcfta-success-president-akufo-addo\\\/\"},\"author\":{\"name\":\"Ghana News\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#\\\/schema\\\/person\\\/c70749f3edfbfcd92d45e933f0fe10b5\"},\"headline\":\"Functional private sector participation key to AfCFTA success\u2013 President Akufo-Addo \u2013\",\"datePublished\":\"2024-01-19T09:54:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/01\\\/19\\\/functional-private-sector-participation-key-to-afcfta-success-president-akufo-addo\\\/\"},\"wordCount\":652,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/01\\\/19\\\/functional-private-sector-participation-key-to-afcfta-success-president-akufo-addo\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/image-636.png\",\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/01\\\/19\\\/functional-private-sector-participation-key-to-afcfta-success-president-akufo-addo\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/01\\\/19\\\/functional-private-sector-participation-key-to-afcfta-success-president-akufo-addo\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/01\\\/19\\\/functional-private-sector-participation-key-to-afcfta-success-president-akufo-addo\\\/\",\"name\":\"Functional private sector participation key to AfCFTA success\u2013 President Akufo-Addo \u2013 - 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