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HomeBusiness NewsGhana To Host Africa Free Trade Zone Headquarters, As Nigeria Signs Pact

Ghana To Host Africa Free Trade Zone Headquarters, As Nigeria Signs Pact

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President Mohammadu Buhari finally signed the continental free trade agreement in Niamey, Niger on Sunday, as the African Union named Ghana as the host for the trade zone.


The trade pact could guaranty increase economic activities in Africa and have the potentials of uniting the people of the continent.
The African Continental Free Trade Area (AfCFTA) – the largest since the creation of the World Trade Organisation in 1994 – will help unlock Africa’s long-stymied economic potential by boosting intra-regional trade, strengthening supply chains and spreading expertise.
The continental trade pact was launched in Niamey, Niger on Sunday by leaders of the continent at the Africa Union (AU) summit.
At AU summit, Ghana was announced as the host of the trade zone’s future headquarters and discussions were held on how exactly the bloc will operate.
“The success of the AfCFTA will be the real test to achieve the economic growth that will turn our people’s dream of welfare and quality of life into a reality,” Egyptian President and African Union Chairman Abdel Fattah al-Sisi said.
Members have committed to eliminate tariffs on most goods, which will increase trade in the region by 15-25% in the medium term, but this would more than double if these other issues were dealt with, according to International Monetary Fund (IMF) estimates.
Economists say significant challenges remain, including poor road and rail links, large areas of unrest, excessive border bureaucracy and petty corruption that have held back growth and integration.
The summit also saw the launch of a digital payments system for the zone and instruments that will govern rules of origin and tariff concessions, as well as monitor and seek to eliminate non-tariff obstacles to trade, the African Union said.

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