AfCFTA: What President Nana Akufo-Addo had to say to Europe
The African Continental Free Trade Area (AfCFTA) will strengthen trade between Africa and Europe, says President Nana Akufo-Addo of Ghana.
President Akufo-Addo made the remarks at the “Focus Africa 2023” Conference held in Madrid, in Spain, last month.
He noted that the African Continental Free Trade Area (AfCFTA) would link all the 55 markets of Africa, covering 1.3 billion people, into a single market.
“It is the world’s largest free trade area outside of the World Trade Organisation (WTO) itself. By 2050, it will cover an estimated 2.5 billion people, and have over a quarter of the world’s working age population,” he said.
“Imagine the investment and business opportunities offered by the infrastructure required to link our markets more effectively. And imagine the business opportunities that this huge market would offer for manufacturing and services firms from Spain and Europe that could establish production facilities in Africa to serve the African markets.”
President Akufo-Addo urged Spanish and European stakeholders to take advantage of the treaty to boost trade between the two sides to benefit both.
“The time has come for Africa, Spain, and, indeed, the rest of Europe, to establish a sustainable, strategic partnership based on trade and investment co-operation on the exchange of value-added transactions. It would obviate the resort to aid, which has not achieved its purpose,” he said.
Focus Africa 2023 addressed Spain's strategic action for and with Africa, in response to the impact of COVID-19 on the continent and in support of the launch of AfCFTA.
Download Spain’s ???? new Africa focus policy and watch videos of FA2023 event: https://www.exteriores.gob.es/Portal/es/SalaDePrensa/ElMinisterioInforma/Paginas/Noticias/20210328_MINISTERIO06.aspx
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2 年Hi?Mark-Anthony, It's very interesting! I will be happy to connect.
Managing Director at Xarani (Private) Limited(FBC Holdings)
3 年Quite profound metrics Mr President #NanaAkufo-Addo that Africa has ‘30% of the world’s mineral reserves’ and ‘50% of the world’s arable land’ complimented by a burgeoning young population. It is unfortunate that we are yet to connect this huge potential with our actions of today. These natural resources are finite, #Africa has to act sooner to ensure this converts to a meaningful and sustainable economic advantage.
Executive at Vashe Letsatsi Energy - Based in Southern Africa. Chartered Accountant '87 alumni.
3 年More so than ever Africa needs to seriously think about the Cape-to-Cairo and Addis-to-The West Coast railroads as a the beginning of Intra-Continental trade... The other links will flow naturally thereafter... His-Story repeats itself in different ways - we should recall how the United States were unified... The New York - San Francisco railroad... This not only brings commonality of language - but currency, regulations and development!!! Thank you for sharing... ????????