Ghana is likely to become one of the few countries to ratify the continental Free Trade Area Agreement a month after it was signed by African leaders.
Starr Business understands this is one of the major reasons why Parliamentarians are being recalled from recess from Thursday.
The agreement seeks to facilitate the free movement of goods and services as a precursor to the establishment of the African Customs Union.
The African Continental Free Trade Area (CFTA) would remove barriers to trade, like tariffs and import quotas, allowing the free flow of goods and services between its members
It could create tens of thousands of jobs and significantly reduce unemployment among the continent’s youthful population.
President Akuffo Addo had earlier revealed Ghana is lobbying to host the Secretariat of the CFTA.
Experts believe the CFTA will make Africa one of the largest economies in the world and enhance its capacity to interact on equal terms with other International economic blocs
The leaders of 44 African countries have signed a deal to create one of the world’s largest free trade blocs.
The agreement was signed at a summit in the Rwandan capital, Kigali.
It is hoped the deal will come into force within six months, and increase prosperity for 1.2 billion Africans.
But 10 countries, including Nigeria, have refused to sign the deal, and it will need to be ratified by all the signatories’ national parliaments before the bloc becomes a reality.
Source: Ghana/Starrfmonline.com/103.5FM
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