AfCFTA offer Ghanaians a market of 1.2 billion people across the continent – Economist

The Africa Continental Free Trade Agreement (AfCFTA) opens Ghanaians to a market of 1.2 billion people across the continent and provides endless possibilities for sociology-economic growth of the population.

It is estimated that the agreement will increase Africa’s export by $560 billion, mostly in manufacturing, the Reverend Dr. Samuel Worlanyo Mensah, the Executive Director, Center for Greater Impact African (CGIA) has stated at the Ghana News Agency Industrial News Hub Boardroom Dialogue platform in Tema.

The GNA Tema Industrial News Hub Boardroom Dialogue is a media think-tank platform for state and non-state and commercial and business operators to communicate to the world and address global issues, which was monitored by the Communication for Development and Advocacy Consult (CDA Consult) in Tema.

Rev. Dr. Mensah urged the private sector to take advantage of the agreement by expanding production both in the industrial, and agriculture sectors while taking the lead in the socio-economic transformation of the country at the same time.

He said AfCFTA presents an incredible opportunity for Ghanaians to scale up activities and expand into the African market.

He said, “The AfCFTA provides a structure for Ghana’s foreign traders, producers, and stakeholders in the value chain to grip its existence in the country to successfully trade with their fellow partners in Africa or even the world at large”.

Dr. Mensah who is also an economist emphasized that the agreement aims to reduce all trade costs and enable Africa to integrate further into the global chains adding that “AfCFTA will eliminate 90 percent of tariffs, focus on outstanding non-tariff barriers, and create a single market with free movement of goods and services”.

He noted that AfCFTA will expose the Ghanaian economy to be an industrial and aviation hub pointing out that every major bank will set up a branch in the country to create more opportunities.

The Governance Think-Tank Executive Director explained the intracontinental export would also increase by 81 percent whiles the increase to non-African countries would be 19 percent.

Meanwhile, Dr. Chris Kpodar, Chairman and Chief Executive Officer of Solomon Investments Ghana Limited has indicated that the advent of Artificial Intelligence has become necessary in all spheres of life and gradually becoming the future, Ghana and other third world countries must join the technological drive through strategic policies.

He admonished that Ghana and Africa as a whole, take artificial intelligence more seriously and implement some of these services in the agricultural, energy, educational and all other relevant sectors that tip a balance in favour of achieving a sustainable world.

He stated that the artificial intelligence resonance is a multi-sectorial discipline that is hinged around social, political, environmental, and most especially, economic grounds because that is the blood engine of every country’s development.

Dr. Kpodar who served as Consultant for Africa and the Middle East advising governments and companies on investment stated while addressing the topic: “Artificial Intelligence and sustainable development”.

Dr. Kpodar formerly of the United Nations encouraged young people to learn and draw level with the new trends of artificial intelligence and its benefits and implications on industrialization.

“Everyone who wants to be relevant in this age does not require just reading and writing but knowing and applying artificial intelligence, therefore, I have always advocated that no education should take place without practical training”, he said.

Dr. Kpodar, who is also a Chief Technical Advisor for the Centre for Greater Impact Africa (CGIA) explained that artificial intelligence alone can make the world food-sufficient and poverty-free if adopted and applied well.

This, he explained that artificial intelligence could be used for a wide range of things including setting rain patterns favourable for planting and harvesting seasons which will be a more sustainable way of producing and storing food all year long.