Ghana Boosts Trade with AfCFTA Certification for 700 Products
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- Published: Tuesday, 28 May 2024 15:55
In a significant step towards enhancing trade within Africa, Ghana’s minister of trade and industry, Kobina Tahir Hammond, has announced that 700 products have received rules of origin certification under the African Continental Free Trade Area (AfCFTA). This certification allows these products to be traded more freely across African borders, fostering economic growth and integration.
The announcement was made during the launch of the 3rd edition of the Made in Ghana Food Bazaar, themed ‘Promoting Made-in-Ghana Goods and Services for Economic Prosperity’. Minister Hammond highlighted the government's proactive measures to leverage the AfCFTA Guided Trade Initiative. This included exploratory market expeditions to Kenya and Tanzania, involving 63 and 52 companies respectively. These missions facilitated the certification process, opening new avenues for Ghanaian products in African markets.
The minister also provided updates on the One District One Factory (1D1F) initiative, a cornerstone of Ghana’s industrialization strategy. Currently, 321 projects are at various stages of implementation under this initiative, with 169 factories already operational. These factories employ approximately 169,870 people, playing a crucial role in reducing imports and diversifying exports.
More than 60% of the companies participating in the 1D1F initiative are transforming local raw materials into finished products in partnership with domestic suppliers. This synergy is significantly enhancing the variety and quality of Made in Ghana products available in both local and international markets.
Minister Hammond emphasized the importance of supporting local businesses and artisans. By bolstering the local economy, Ghana aims to preserve productive sectors for future generations. This commitment to local industry is essential for sustainable economic growth and resilience.
Deputy minister for foreign affairs and regional integration, Mavis Nkansah-Boadu, noted that over 70% of indigenous products are successfully passing international quality assessments. She encouraged the private sector, especially small and medium enterprises, to seize the opportunities presented by AfCFTA. By investing in standardization, certification, technology, and innovation, these businesses can build a reputation for integrity and ensure their products meet global standards.
The AfCFTA, which aims to create a single market for goods and services across 54 African countries, represents a monumental shift for African economies. Ghana's proactive steps in certifying 700 products and the ongoing efforts under the 1D1F initiative underscore the country's commitment to taking full advantage of this continental framework.
By fostering a robust industrial base and ensuring high standards for its products, Ghana is positioning itself as a key player in the AfCFTA. The efforts to integrate local businesses into the continental market not only enhance trade but also drive economic prosperity and self-sufficiency.
The Made in Ghana Food Bazaar serves as a testament to the nation's dedication to promoting its goods and services, celebrating the progress made, and setting the stage for future growth. With continued support and investment, Ghana is poised to become a leading exporter within the African continent, driving economic prosperity for its people.