Ball Rolling as Africa's Free Trade HQ Opens in Accra

Ghana's capital, Accra, is the venue for the secretariat of the African Continental Free Trade Area (AfCFTA), which the African Development Bank gave the AU a U.S.$5 million grant to establish. The opening of the AfCFTA head office is a major milestone in the implementation of the free trade agreement that will encourage intra-continental trade. Trading was planned for July 1, 2020 but has been postponed to January 1, 2021, due to the economic impact of Covid-19. Currently 54 states have agreed to the AfCFTA, out of which 28 have formally signed the agreement.

 

InFocus

A United Nations agency suggests that the African Continental Free Trade Area (AfCFTA) Agreement has the potential both to boost intra-African trade by 52.3 per cent – by 2020 – by eliminating import duties, and to double this trade if non-tariff barriers are also reduced.

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