Boosting Trade with Africa
In Africa, trade has not achieved the needed sustainable economic growth and development because member states do not intra-trade. Intra-African trade stands at 13% compared to approximately 60%, 40 % and 30% intra-regional trade achieved by Europe, North America and ASEAN respectively. Africa’s trade is primarily with the outside world a result, making the continent particularly vulnerable to external macroeconomic shocks and protectionist trade policies.
Boosting Intra-African trade and deepening regional market integration are important responses to challenges facing Africa in multilateral trading and fostering competition among African countries; and enhancing the capacity to compete effectively on the global market.
At the strategic level there is a National Steering Committee (NSC) made up of the Chairs of Technical Work Groups (TWGs) set up along the lines of the thematic clusters for boosting Intra African Trade (BIAT). The 8 TWGs are:
- Trade information
- Trade policy
- Trade Facilitation
- Trade Development Finance
- Enhancing productive capacity
- Factor market Integration
- Trade related infrastructure
- Trade in Services
TWGs are drawn from various government Ministries, Departments and Agencies and also from Non-Government Institutions and the Private Sector.
As indicated the Chairs of the TWGs constitute the National Steering Committee for BIAT/AfCFTA. The main aim is to support the countries strategic
readiness in the eight clusters to trade competively when trading starts. The Steering Committee reports to the Minister of Trade and industry.
At the operational level is the National AfCFTA Coordination Office (NCO). The main functions of the NCO are:
- To provide effective liaison between the Ghana government and the AfCFTA secretariat
- To coordinate and support the effective functioning of the national institutional framework for AfCFTA.
- To provide the Ghanaian private sector with trade information to enable effective decision making for trading.
Objectives
The broad policy objectives for Ghana for Boosting Intra African Trade are:
- Consolidation of Existing Markets. Consolidating and growing existing markets on the continent.
- Identification of new markets for existing Goods and services. Finding new opportunities for Ghanaian goods and services on the continent
- Identifying export potential for new products for the African Market.
- Market Expansion. Stimulating greater demand for Ghanaian products and services on the continent
- Responsiveness to market trends and demands. This calls for research and market forecast data and innovative response mechanisms
- Innovative Financial products targeted to continental trade. Providing the financial and non-financial products and policy enablers to support active Ghanaian participation in continental trade.
- Identification of sub regional and cross border partnerships for industrial production
- Intensive pursuit of value addition for Ghanaian goods. Moving the economy up the value chain
