Search
Close this search box.

Ghana approves 700 products for AfCFTA to boost trade potential

Facebook
Twitter
LinkedIn
WhatsApp
Telegram
Email

The Minister of Trade and Industry, Kobina Tahir Hammond, has announced that 700 products have received Rules of Origin Certification to trade under the African Continental Free Trade Area (AfCFTA) rules.

This milestone was revealed during the launch of the 3rd edition of the Made in Ghana Food Bazaar, themed “Promoting Made-in-Ghana Goods and Services for Economic Prosperity.”

Established in 2018, the Bazaar showcases products and services from micro, small, and medium-sized businesses globally through diplomatic missions abroad.

WhatsApp Image 2024 05 23 at 18.00.15 73ff7449 Channel1 News Ghana approves 700 products for AfCFTA to boost trade potential

In his keynote address, KT Hammond highlighted the government’s commitment to supporting local businesses and artisans, strengthening the local economy, and preserving productive sectors for future generations.

“In our determined effort to take advantage of the AfCFTA Guided Trade Initiative, the government facilitated exploratory market expedition missions to Kenya, involving 63 companies, and to Tanzania, involving 52 companies. As a result, a total of 700 products have received Rules of Origin Certification to trade under AfCFTA,” Hammond stated.

WhatsApp Image 2024 05 23 at 18.00.20 b4c1eee7 Channel1 News Ghana approves 700 products for AfCFTA to boost trade potential

He further emphasised the government’s commitment to improving the business environment through the Ministry’s Business Regulatory Reform Programme, which drives and coordinates various reforms to maintain efficient and sustainable local production and supply chains for manufacturers.

“Under the leadership of President Nana Addo Dankwa Akufo-Addo, my Ministry has been working closely with the private sector to boost production in the industrial sector and expand market access, especially in sectors linked to processing local raw materials. This has been pursued aggressively within the context of a comprehensive Industrial Transformation Agenda prioritizing import substitution and export diversification,” he stated.

The Minister also highlighted the progress of the One District One Factory (1D1F) initiative, with 321 projects at various stages of implementation. Of these, 169 factories are operational, employing 169,870 people in both direct and indirect jobs, contributing to import substitution and export diversification.

Over 60% of the companies under the 1D1F initiative are converting local raw materials into Made in Ghana products in collaboration with local suppliers, including farmers and other value chain actors. This initiative is significantly boosting the range of Made in Ghana products in both domestic and export markets.

Meanwhile, Deputy Minister for Foreign Affairs and Regional Integration, Mavis Nkansah-Boadu, revealed the government’s commitment to working with stakeholders to identify more markets for Ghanaian products and services.

WhatsApp Image 2024 05 23 at 18.00.20 ba6cc0e2 Channel1 News Ghana approves 700 products for AfCFTA to boost trade potential

“The Ministry of Foreign Affairs and Regional Integration will continue to collaborate with its partners to identify more markets for our Ghanaian products and services. This Bazaar is being held to compile data on all our exhibitors and circulate it to Ghana Missions abroad as well as Diplomatic Missions accredited to the Republic of Ghana to help identify markets for them and expand their reach,”

She commended the surge in quality Ghanaian goods and services, with over 70% of indigenous products passing international quality assessments. She encouraged the private sector, particularly SMEs, to take advantage of the AfCFTA and invest in standardization, certification, technology, and innovation to build a mark of integrity for Ghanaian products and ensure they meet international standards.

The 3-day Bazaar which starts from start from Thursday, May 23 to May 25 2024, featured panel discussions on topics such as the changing nature of diplomacy, 21st-century economic diplomacy, equipping SMEs to take advantage of the AfCFTA, and projecting Ghana’s creative arts industry for sustainable development. A blind-tasting competition, dubbed ‘Jollof War’, was also held to settle the debate on who cooks the best Jollof rice among Ghana, Nigeria, and Gambia.

The event was made possible through the generous contributions of sponsors and media partners.

Share this post :

Facebook
Twitter
LinkedIn
WhatsApp
Telegram
Email