AfCFTA: Finance Minister Dr Amin Adam Calls for Enhanced Intra-African Trade to Boost Economic Resilience

In a decisive push for economic resilience, Ghana’s Finance Minister, Dr. Mohammed Amin Adam, has underscored the pivotal role of intra-African trade in fostering the country’s recovery from external economic shocks.

Addressing African finance ministers alongside the World Bank President, Ajay Banga, in Washington D.C. on October 23, 2024, Dr. Amin Adam articulated the necessity for cohesive action among African nations to dismantle barriers to trade within the continent.

Dr. Amin Adam emphasized the need for collective efforts to realize a robust intra-African trade framework. He identified the African Continental Free Trade Area (AfCFTA) as a cornerstone for regional integration and economic advancement in Ghana and other African nations, positing that enhanced intra-African trade could drive job creation, spur economic growth, and alleviate poverty across the African region.

Speaking further at the plenary, Dr. Amin Adam acknowledged the critical support from global financial institutions such as the World Bank and the International Monetary Fund (IMF) in addressing trade impediments.

He further called on the Bretton Wood Institutions institutions to champion initiatives like regional payment systems, deemed essential for unlocking the full potential of intra-African trade commerce.

“Ghana and the region need guarantees to mitigate risks associated with payment systems,” he noted, advocating for a streamlined intra-continental payment framework to ensure the successful implementation of AfCFTA.

Additionally, the Finance Minister stressed the importance of financial inclusion and harmonized trade routes as key components for the equitable execution of the AfCFTA initiative.

The Finance Minster’s remarks came during the ACET Roundtable on Africa’s Agenda for Financial Architecture Reform, co-hosted by the African Union and the United Nations Economic Commission for Africa (UNECA) at the George Washington University, positioning Ghana as a key player in the evolving narrative of African economic cooperation and reform.

Source:norvanreports.com