The Executive Director of Financial Literacy Foundation in Africa Mr Richmond K Frimpong has stated that the Africa Free Trade Continental Area (AfCFTA) is an institution for all member states of the African Union and it is a platform where businesses and business owners are allowed to move freely among countries to transact business.
Speaking on Master Class on an Accra-based JoyFM monitored by GhanaWeb, Mr Frimpong explained that the secretariat has drafted policies that will allow member states to move freely among themselves with some tax exemptions to operate and run their business.
“It is a free trade programme and it is just going to make it possible, easier, virtually zero cost to make every business in Africa, particularly in the states that are part of this agreement, giving them the opportunity to be able to trade beyond their country…So it is just giving you free trade access and it’s on goods and services and so there are protocols that will guide this kind of programme and I remember mentioning that this is the biggest trade programme the world has seen after the World Trade Organization was launched.” He said.
The AfCFTA although is a good initiative for the development and growth of Africa and its economy, it has been greeted with some challenges as well, Mr Frimpong explained that every institution faces some challenges, in the beginning, the ability to over those challenges and focus on the ultimate aim and goal of the business is what makes it stand out.
“It has some challenges as we try to kick it off as a continent and it is not unique, it is not strange because if you look at the EU and other trade platforms it takes some time for it to be seen in terms of its execution but I think we have done well we had some set back with COVID and we are back on track what we are doing,” he added.
The AfCFTA is an organization that seeks to accelerate intra-African trade and boosting Africa’s trading position in the global market by strengthening Africa’s common voice and policy space in global trade negotiations.