Hon. Elizabeth Ofosu-Adjare, the Minister nominee for Trade, Agribusiness, and Industry, has outlined an ambitious roadmap to leverage the African Continental Free Trade Area (AfCFTA) for Ghana’s economic growth. Speaking during her vetting on January 22, she emphasized the importance of capacity building, regulatory harmonization, and strategic diplomacy to unlock the full potential of the trade bloc.
With AfCFTA opening up a market of 1.4 billion people and a combined GDP of $3 trillion, Madam Ofosu-Adjare highlighted the transformative opportunities it presents for member states. “Leveraging AfCFTA will significantly boost our economies. A key approach to achieving this is through capacity building,” she stated.
Building Competitive Businesses
The Minister nominee acknowledged that many businesses across Africa lack the necessary tools and skills to compete effectively in the expanded market. She pledged to spearhead initiatives that provide training, resources, and technical support to empower local businesses to thrive under AfCFTA.
Harmonizing Laws and Breaking Trade Barriers
Madam Ofosu-Adjare stressed the need to align laws and regulations among member states to ensure smooth trade operations. She pointed out existing challenges, such as import bans on specific goods by some countries, which hinder the free movement of goods and services.
“To fully benefit from AfCFTA, we must synchronize our laws and address trade barriers,” she said, adding that Ghana’s role as host of the AfCFTA Secretariat offers a strategic advantage for fostering dialogue and resolving trade bottlenecks.
Infrastructure and Security Enhancements
The nominee also underscored the importance of strengthening infrastructure and security to facilitate seamless cross-border trade. Improving road networks, port facilities, and customs operations will be key priorities to enhance the movement of goods and services.
Pioneering a 24-Hour Economy
To position Ghana as a leading trade hub in Africa, Madam Ofosu-Adjare proposed the concept of a 24-hour economy, where industries operate continuously to meet the growing demand across the continent. She believes this initiative will boost productivity and create opportunities for Ghanaian businesses to expand their market reach.
A Vision for Regional Prosperity
The Minister nominee’s strategic plan reflects her commitment to maximizing Ghana’s trade potential within AfCFTA. By addressing structural challenges and fostering collaboration among member states, her vision aims to drive economic growth, create jobs, and position Ghana as a powerhouse in African trade and industry.
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