Ghana and six other countries have pioneered trading activities under the African Continental Free Trade Area (AfCFTA).

The official trading under the free trade area began on October 7, 2022, after nearly 22 months of preparatory works including putting institutional structures at the secretariat in Accra, Ghana.

The first such trans-border trading was a shipment by Kasapreko Company Limited and Ghandour Cosmetics Limited on January 1, 2021.

The six other countries involved in the trading are; Cameroon, Kenya, Egypt, Mauritius, Rwanda and Tanzania. Products traded included ceramics, palm oil, car batteries and coffee.

It put into motion a huge ambition to create the largest free trade area in the world measured by the number of countries participating.

The pact connects 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at US$3.4 trillion.

According to the World Bank, the initiative has the potential to lift 30 million people out of extreme poverty, but achieving its full potential would depend on putting in place significant policy reforms and trade facilitation measures.

Creating a continent-wide market would require a determined effort to reduce all trade costs. African governments will also need to design policies to increase the readiness of their workforces to take advantage of new opportunities.

source: graphic.com