AfCFTA status: Ghana celebrates first export

Business News

 

Ghana – which hosts the AfCFTA’s headquarters, has emerged as the first country to export under the agreement.

Techcabal.com reported that on January 4, Ghana organized an event to commemorate its first export under the agreement’s framework, setting the pace for other countries. It is one of three countries that has a suite of ready border and custom facilities that meet the AfCFTA’s trade terms.

“Ghana’s export is evidence that the agreement has gone beyond words. It remains to be seen how long it takes other member countries to fully get their own machines rolling, ” said Wamkele Mene, the secretary-general of the AfCFTA.
It was learned that Egypt and South Africa are also ready to carry out commercially meaningful trade.

54 of the African Union’s 55 nations have signed on to the AfCFTA (except Eritrea), but only 35 have submitted their instruments of ratification to the AfFCTA secretariat.

Nigeria, the bloc’s most populous nation and largest economy submitted its ratification instrument in December 2019. However, it does not yet have the infrastructure for the agreement’s benefits to kick in.

Trading under the continent’s free trade agreement went into effect on January 1.

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