“FREE TRADE IS AFRICA’S PATH TO DEVELOPMENT” – PRESIDENT AKUFO-ADDO

President Nana Addo Dankwa Akufo-Addo has urged African leaders to hasten the coming into being of the Continental Free Trade Area (CFTA). According to President Akufo-Addo, “if we remain resolute and see to its realization, we will obtain a major boost to the development of our economies, and a considerable reduction on our dependence on foreign goods and services. It is the path to collective self-reliance and prosperity.”

It will be recalled that Heads of State and Governments who attended the 28th Ordinary Session of the Assembly of the African Union, in January this year, signed up to the implementation of the CFTA. The purpose of the free-trade area is to ensure significant growth of Intra-Africa trade, as well as assisting countries on the continent use trade more effectively as an engine of growth and for sustainable development.

President Akufo-Addo was speaking at a State Banquet held in his honor by the President of the Republic of Zambia, His Excellency Edgar Lungu, on Tuesday, June 27, 2017, when he made this known.

He noted that for a continent that has made the choice of pursuing integration, Africa has not done much in liberalizing and promoting trade among member countries. “Research has shown that countries or groups of countries with the largest share of world trade are located within regions with the highest share of intra-regional trade. Trade between African nations remains low compared to other parts of the world”.

In 2000, intra-continental trade accounted for 10% of Africa’s total trade, and increased marginally to 11% in 2015. Trading amongst members of the European Union, for example, amounted to 70% in 2015. Intra-African trade is still estimated at less than two percent (2%) of global trade.

“With these very low levels of trade and investment co-operation in Africa, we must put in place deliberate measures aimed at expanding trade and business collaborations to improve the prospects for prosperity of our people,” he added.

The President was confident that the CFTA would bring progress and prosperity to the African people.