AfCTA digital trade protocols is driving force to deepen economic integration and prosperity across African

By Dr. Michael Richmond Smart-Abbey II Contributor
Trade And Commerce AfCTA digital trade protocols is driving force to deepen economic integration and prosperity across African
MAR 22, 2024 LISTEN

The AfCTA Agreement and Charter aim to achieve broader and deeper economic integration across the African continent. They seek to attract trade investment, boost trade volumes, create better job opportunities, reduce poverty, and increase economic prosperity in Africa.

On March 14, 2024, stakeholders in digital trade protocols gathered at the LA Palm Royal Beach Hotel to discuss the role of stakeholders in advancing digital trade in Africa. They assessed the implementation and impact of the AfCTA Digital Trade Protocol in Ghana, aiming to leverage trade barriers and restrictions that have hindered trade investment in the country and Africa as a whole.

The event was organized by the Ministry of Trade and Industry,, and the Global Policy House, with support from the UK International Development and Supporting Investment Trade in Africa (SITA).

Key issues discussed by stakeholders included digital trade and e-commerce as catalysts for addressing trade restrictions, the potential contribution of the digital trade protocol to GDP growth in Ghana, and the role of the private sector in achieving the objectives of the AfCTA Digital Trade Protocols to benefit African people.

Mr. Seidu, representing the private sector, highlighted that well-implemented AfCTA Digital Trade Protocols could promote cohesive intra and inter-trading activities within Ghana and beyond. He emphasized the importance of addressing cybersecurity, data protection, and internet penetration, suggesting inter-agency collaboration and political will to achieve these goals.

AfCTA reiterated the challenges facing trade investment in Africa, including trade restrictions, inefficient cross-border payments, and the need for progress in driving digital trade. Collaboration between AfCTA Digital Trade and the private sector, focusing on capacity building, technical assistance, and digital infrastructure, was emphasized.

Mitchelle Chivunga, Africa Director of Global Policy House, emphasized the importance of facilitating digital trade and investment by reducing trade restrictions, harmonizing standards, and improving digital infrastructure. She called for safeguarding the sanctity of digital transactions and focusing on SMEs in the implementation of the AfCTA Digital Trade Protocol to address unemployment.

Statistics provided by ODI suggest that Ghana's potential economic gains from the AfCTA Digital Trade Protocol could significantly enhance GDP growth and export values if well implemented.

The forum was attended by representatives from various organizations, including ODI, the Institute of Liberty and Policy Innovation (ILAPI), and the Ghana Chamber of Commerce, as well as government ministries and private sector advocates in digital trade protocol.