The commercialization of Accra as the commercial capital of Africa by H.E. the President of the Republic of Ghana refers to improving intra-African trade in goods and services to accelerate a continental free trade area and transition it into a continental common external tariff scheme.

This provides a key pathway for regional trade integration as it seeks to improve rural infrastructure and trade-related capacities for market access to transform trade and sustain inclusive growth and also, by enhancing market and value chains.

As part of the sensitization, GITFiC will embark on a research survey primarily to assess the knowledge that the Ghanaian private and government sectors have on AfCFTA and Accra declaration as the COMMERCIAL CAPITAL OF AFRICA. This survey will take place in selected regional capitals namely; Greater Accra, Greater Kumasi, Takoradi, Tamale, and Koforidua.

The survey would further assess the private sector’s readiness towards the implementation of the AfCFTA as well as provide a comprehensive and reliable information source to help the government, local authorities, and private economic sectors to build up socio-economic development plans to improve intra-African trade.

This initiative will generate a diagnostics report which would help to develop practical steps or a road map in addressing the gaps and challenges. The quality of the survey is greatly subjected to the information provided by our experienced field personnel.

A call for enumerators was publicly circulated in October and November 2021. More than 800 applications were received from the general public. The 800 applicants were narrowed down to 20 after a rigorous selection process. The 20 finalists were, in December 2021, taken through various preparatory stages. In January 2022, the 20 finalists have met all requirements and have been fully certified by us to carry out this assignment.

The two-page survey questionnaire has been carefully vetted to reflect the quality response we expect from the Business Community in these regions. Our field enumerators will reach out to about 6,000 Industries, Companies, and SMEs across the five selected regions in Ghana.

We believe that with a high responsible spirit, available enthusiasm, and a strong desire to contribute to the development of the country, the general public will kindly grant our field personnel the audience to fulfill their duties in the various establishments ear-marked for this exercise. The success of this survey will be partly due to the contribution of our field personnel.

We implore the public to cooperate with the field personnel for the task ahead.

About GITFiC

The Ghana International Trade & Finance Conference (GITFiC) is a reputed private sector initiative that is working closely with the private sector and the government sector within the sub-region and the Continent at large to drive the Continental Free Trade Agreement (CFTA), broader Trade & Finance development agenda of the continent as defined in the A.U’s Agenda 2063, global trade issues, and other Trade, Trade-Finance, Logistics, and Finance Agreements.

According to the GITFiC, in December 2018, the first AfCFTA Intra-African Trade Fair was held in Cairo, Egypt.  Business deals between private investors and business players were around US$32 billion which exceeded expectations.

The GITFiC also stated that in 2021, two Ghanaian companies, Kasapreko Company Ltd and Ghandour Cosmetics, under an AfCFTA Certificate of Origin, transported alcohol and cosmetic products to South Africa and Guinea respectively.

The GITFiC gathered that Rules of Origin (RoO) and its Certificate of Origin are very crucial components to facilitate trading under the AfCFTA. The GITFiC believes that the AfCFTA can only achieve its goals if commitment is extended to the various components of the operations of the trading system. Hence, they applauded the African negotiation parties for sustaining the level of commitment.

According to The GITFiC, most African countries are yet to fully develop a comprehensive National AfCFTA Implementation Strategy, a situation which GITFiC finds rather disturbing. The GITFiC stated that although countries may have existing trade policies and developed guidelines, it is not enough to maximize the full benefits of the AfCFTA.

Taking into consideration Cameroon’s draft strategy plan, the GITFiC motivates African Trade Ministers to intensify their efforts in reaching a great feat in the AfCFTA.

During one of GITFiC’s annual conferences, Accra was declared as the Commercial Capital of Africa, a decision that would position Ghana as a commercial hub in the sub-region.

In 2022, the GITFiC would undertake a sensitisation exercise in Greater Accra Region, Greater Kumasi of the Ashanti Region, Takoradi of the Western Region, Tamale of the Northern Region, and Koforidua of the Eastern Region of Ghana to assess the private sector’s readiness for the AfCFTA’s implementation and help develop a structural plan to address challenges identified.

According to a recent publication by the Bank of Ghana, the lending rates are as high as 24.8%. The GITFiC believes that the Government of Ghana should critically investigate the asymmetric bank lending rate adjustment to enhance the competitiveness of the Ghanaian industry, as it launches into the African market.

The GITFiC realised that Non – Tariff Barriers (NTBs), a component of the AfCFTA, are often overlooked by trade watchers and analysts. These barriers become a disincentive for trade. The GITFiC has observed that the AfCFTA Online Mechanism for monitoring, reporting and elimination of NTBs has been largely underutilized.

Therefore, GITFiC recommends that the State Parties must be given the necessary technical support to urgently establish the National Monitoring Committees and National Focal Points on NTBs.

In 2018, African Heads of State adopted the Protocol Relating to the Free Movement of Persons, Right of Residence, and Right of Establishment to enable Africans to freely move and work within Africa.

The Protocol is expected to serve in the interests of the African workers, entrepreneurs, and the large informal sector after 30 days, following the receipt of the 15th instrument of ratification. However, only four countries on the continent have deposited their instruments of ratification at the AU depositary. Ghana is yet to ratify this Protocol.

According to GITFiC, Keeping focused and maintaining the momentum could see the implementation of AfCFTA become one of Africa’s main weapons in combating COVID-19 and accelerating post-COVID recovery. Therefore, GITFiC urges the AU and African Governments to take bold decisions to keep the AfCFTA on track despite COVID19.

The GITFiC has also thrown its support for the African group at the World Trade Organization (WTO) on the urgent need to grant a waiver to African countries to produce their COVID vaccines, a decision they made, believing in the collective strength of the Africans.

Taking into consideration the success of the AfCFTA, GITFiC recommended that Government and policymakers must listen to and comprehend the subject of AfCFTA in the same way that businesses and stakeholders do. They added that ECOWAS or other bilateral protocols should facilitate road and rail connections to neighboring countries to boost regional trade and mutual economic benefits.

To ensure that the AfCFTA’s core rules of origin serve as an accelerator for industrialization rather than a constraint to growth and export diversification, GITFiC recommended articulating policy reforms to address supply-side constraints. The GITFiC also emphasized the importance of reviving National Development Banks to increase the scale of patient capital and drive export diversification.

The eight-page Appraisal Paper for the month of December by The GITFiC encourages the Continent’s Customs Union to speed up with the adaptation and implementation of the various list of items and its respective Harmonized Code System to pave way for full recognition and acceptability for the successful movement of goods from one country to the other within the AfCFTA.

Read the full December Researched Paper below:

December Research Paper Release (12!21!2021) by Gertrude Otchere on Scribd