The three-day Ghana Investment and Trade Week Summit, organized by the Ghana Investment Promotion Centre (GIPC) in partnership with MIE Group, has opened in Accra.
The summit commenced with a call to businesses to seize the abundant opportunities offered by the African Continental Free Trade Area (AfCFTA) to propel the continent to be a global economic savior in times of crisis.
In his welcome address, Yofi Grant, the CEO of GIPC, emphasized that this gathering marked a landmark summit that brought together investors, traders, policymakers, and exhibitors, all working toward the economic and political prosperity of Africa. Grant highlighted that intra-trade among African countries has only reached a modest 15 percent annually, with intra-African investments, predominantly from North and Southern African countries, accounting for less than five percent.
Grant underscored the potential AfCFTA holds for changing this narrative for the better, providing an invaluable opportunity for small businesses on the continent to engage in cross-border trade. He stated, “The AfCFTA creates an enormous opportunity to change these dynamics, particularly for African economies, most of which are dominated by small and medium-sized enterprises.”
The AfCFTA is projected to increase intra-Africa trade by approximately 33 percent and reduce its trade deficit by 51 percent. Grant also revealed that Afreximbank, alongside other banks in Ghana, has established a pan-African payment platform to facilitate trade among businesses. This payment system allows businesses to transact using their respective local currencies, ultimately fostering job creation, particularly among Africa’s youth.
Looking to the future, Grant expressed great optimism, asserting that Africa, rich in natural resources, will become the world’s powerhouse and savior within the next decade. He was driven by the belief that Africa, home to roughly 40 percent of the world’s remaining mineral resources, has the potential to significantly impact the global landscape.
Ghana’s motivation stems from its commitment to two Sustainable Development Goals (SDGs): poverty alleviation and global partnership for trade linkages. Grant acknowledged that hosting the Secretariat of AfCFTA presents an opportunity for Ghana to effect the change it aspires to make and leverage its advantages. The nation is actively pursuing initiatives like the One District One Factory program and infrastructure development, such as road and rail improvements, to boost competitiveness.
The summit’s theme, “Accelerating Economic Growth: Amplifying Ghana’s Global Market Footprint Through AfCFTA,” resonated through various sessions, including fireside discussions featuring Ambassador Edward Boateng and panel discussions focusing on the role of State-Owned Enterprises (SOEs) in becoming economic superhighways, as well as exhibitions and more.
Key participants at the event included the South African High Commissioner to Ghana, the Chief Executive Officer of the Ghana Free Zones Authority, the Chief Executive Officer of the State Interest and Governance Authority, Ambassador Edward Boateng, and the Pakistani Ambassador to Ghana.
The summit is set to provide a platform for building bridges among key stakeholders, enhancing global focus, and encouraging greater participation in future Ghana Investment and Trade summits, as affirmed by Zahoor Ahmed, Vice President of MIE Group. Emmanuel T. Martey, a representative of the Ghana Chamber of Construction Industries, called for the adoption of the Public-Private Partnership (PPP) model to develop the necessary infrastructure for the country, emphasizing the need for extraordinary efforts to achieve excellence by the end of the summit.
The summit marks a pivotal moment for Ghana and the broader African continent, providing a platform for collaboration, economic growth, and regional integration, all in pursuit of a prosperous future.
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