Over 700 Ghanaian products absorbed under AfCFTA’s guided trade initiative – Akufo-Addo

The President of the Republic, Nana Addo Dankwa Akufo-Addo, has during the State visit of the President of Guinea-Bissau Umaro Mokhtar Sissoco Embaló, announced the giant strides being made by Ghanaian products under the Guide Trade Initiative of the African Continental Free Trade Area.

Following the maiden rollout of the Guided Trade Initiative, President Akufo-Addo said, over 700 AfCFTA self-defined products from Ghana such as cosmetics, processed foods, coconut oil, Shea butter and garments, have been rolled out and targeted by the AfCFTA market under the Guided Trade Initiative which was launched in October 2022.                     

Speaking at a Joint Press conference at the close of bilateral engagements with President Embaló and his Ministerial team from Guinea Bissau who are on a State visit to Ghana, President Akufo-Addo said such a transformative showing, “will give us the best opportunity to derive maximum benefit from our abundant natural resources and our participation in the AfCFTA, and help bring progress and prosperity to our people”

He was confident that, the participation of Ghana, and seven other countries in the GTI of the AfCFTA will stimulate intra-Africa trade, amplify the competitive advantage of participating countries and solidify their status within the global market.

He added that the GTI has already enabled Ghana, for instance, to make significant inroads into the East African market, notably to Kenya and Tanzania.

The Guided Trade Initiative seeks to allow commercial meaningful trading and test the operational, institutional, legal and trade policy environment under the AfCFTA which aims to consolidate a market of about 1.3 billion people with a combined GDP of 3.4 trillion dollars.

President Akufo-Addo, and his Bissau Guinean counterpart, have been exploring ways to boost further the political, economic, cultural and people-to-people exchanges between the two countries and foster cooperation at the bilateral and multilateral levels.

He said President Embaló is in Ghana to “reaffirm the ties of cooperation and the bonds of friendship that Guinea Bissau attaches to her relations with Ghana.”

Aside from the talk on the numerous benefits on offer under the AfCFTA, the two leaders also looked at extensive ways to drive investment opportunities domestic and foreign into both two countries and the need for enhanced cooperation and partnership in our development efforts.

Aside from the shared commitment to the promotion of a fairer world and addressing global issues relating to the 17 goals of the United Nations, they also agreed to intensify advocacy towards the “urgent necessity for the reform of the United Nations, especially of its Security Council” and reiterated their joint commitment to Common African Position on UN reform based on the Ezulwini consensus.

He noted further that, additional discussions held in an atmosphere of fruitful cordiality, also focused on areas such as education, trade and industry, agriculture, fisheries and aquaculture, environment, science and technology, petroleum and hydrocarbon activities and tourism.

On cooperation in the development of their respective fisheries sectors, he explained that, “the Joint Venture Partnership between private companies of both countries, granting of licenses to Ghanaian fishing vessels, to fish in Guinea-Bissau waters, training of Guinea Bissau personnel in Ghana Fisheries school and the Regional Maritime Academy in electronics, exchange of information on all aspects of fishing, technology, assistance and cooperation from Ghana, in the development of artisanal fishing in Bissau and signing of bilateral fishing agreement between the two counties to safeguard among others the lives of Ghanaians who work in the fishing industry in Bissau. “

It is in this regard that, Ghana and Guinea-Bissau, have agreed to convene in the course of this year, the inaugural session of the Permanent Joint Commission for cooperation which will provide the legal and institutional framework for addressing the trade and investment concerns of our two countries. 

Work being undertaken by Ghana’s contingent of some 101 soldiers who are part of the ECOWAS Stabilization Support Mission which has been stationed in Bissau since the attempted coup of 1st February 2022 with the honour and responsibility of providing security to the President and the Presidential palace, was also discussed.

Source: Myrepubliconline