Madina MP Presents Statement On Floor Of Parliament, Pushes For Ghana’s Leadership In Ensuring The Full Implementation Of AFCFTA

Honourable Sosu made the foregoing call when he presented the statement on the floor of Parliament in Ghana’s leadership in ensuring the full implementation of the Africa Continental Free Trade Agreement (AFCFTA).

Madina MP Presents Statement On Floor Of Parliament, Pushes For Ghana’s Leadership In Ensuring The Full Implementation Of AFCFTA

Member of Parliament (MP) for Madina Constituency in the Greater Accra Region, Honourable Francis-Xavier Sosu, has called on the Parliament, the Trade Committee, the Ministry of Trade and Industry of Ghana and its agencies to play a leading roles in the integration of all markets in Africa for collective benefit of all Africans.

According to him, it is a high time for Ghana to show leadership in this respect by prioritizing legislative and policy frameworks that will cement Ghana’s role as a continental trailblazer. Together, let us make the AfCFTA a reality for the benefit of all Africans.

Honourable Sosu made the foregoing call when he presented the statement on the floor of Parliament in Ghana’s leadership in ensuring the full implementation of the Africa Continental Free Trade Agreement (AFCFTA).

Below is the statement by the MP

STATEMENT BY HON. FRANCIS-XAVIER KOJO SOSU, MEMBER OF PARLIAMENT FOR MADINA CONSTITUENCY ON GHANA’S LEADERSHIP IN ENSURING THE FULL IMPLEMENTATION OF THE AFRICA CONTINENTAL FREE TRADE AREA AGREEMENT (AFCFTA)


Mr. Speaker, on 7th December, 2024 Ghanaians went to the polls to vote to reset the nation. During his inauguration on 7th January 2025, His Excellency President John Dramani Mahama vowed to collaborate with other African countries to deepen integration and regionalism to fashion common solutions for African’s challenges.

Based on His Excellency’s commitments, I make this statement to remind us of our collective duty in ensuring that Ghana plays a leadership role in championing the full implementation of the Africa Continental Free Trade Agreement, headquartered here in Accra, and outlines actionable steps for sustained leadership. 

Mr Speaker, in January 2012, at the 18th Ordinary Session of the Assembly of Heads of State and Government of the AU which took place in Ethiopia, the Assembly of Heads of States adopted a landmark decision to ensure that there is the establishment of a continental free trade area by 2017.

 The purpose was the progressive elimination of tariff and non-tariff barriers for mutually beneficial trading regimes among member states. Also, the Heads of State endorsed an action plan to boost Intra-Africa Trade also known as Boosting Intra-Africa Trade (BIAT). 

The BIAT recognized seven main priority areas of action to promote its course namely trade policy, trade-related infrastructure, trade finance, trade facilitation, productive capacity, trade information, and factor market integration. 

The potential of the AfCFTA to unify 54 African states, representing over 1.2 billion people and a combined GDP of over $3.4 trillion, reflects the continent’s strategic commitment to collective prosperity.

 This momentum was further reinforced with Agenda 2063, adopted during the golden jubilee of the OAU in 2013, which envisions a structurally transformed Africa under the banner of “The Africa We Want 

In June 2015, at the 25th AU Summit of the Heads of States, added another resolution to commence negotiations targeted at the creation of the AfCFTA where the focus was heavily placed on the liberalization of trade in goods and services in Africa. Subsequently, on the 30th day of May 2012 the Agreement of the CFTA entered into force after 24 countries deposited their ratification instruments. 

The operational phase of the Agreement was launched in Niamey Niger in July 2019 and official trading under the Agreement commenced after the Johannesburg declaration on the 1st day of January 2021. 

Mr. Speaker, Current projections of the AfCFTA’s outcome are very positive. 

According to a World Bank study, “AfCFTA can provide this spark. By 2035, we estimate that implementing the agreement would contribute to lifting an additional 30 million people from extreme poverty and 68 million people from moderate poverty.

 Real income gains from full implementation of the agreement could increase by 7 percent, or nearly US$450 billion. As African economies struggle to manage the consequences of COVID-19, AfCFTA can provide an anchor for long-term reform and integration.”

It is my respectful view that the 24 Hours Economy which is an industrial revolution policy would thrive and benefit immensely from the full implementation of the African Continental Free Trade Area as Ghana would turn to have an expanded market.

Mr. Speaker, despite the promising prospects of AfCFTA, significant challenges remain.
 As highlighted by the World Bank, full implementation could lift 30 million people from extreme poverty and generate real income gains of $450 billion by 2035.

 However, these projections hinge on African governments harmonizing their trade laws and surrendering elements of sovereignty for the collective good.

Mr Speaker, for the AfCFTA agreement not to remain only an ideology, African governments must show political will and commitment to amend their local trade and investment laws and their treaty obligations to that of their domestic laws for the benefit of the entire continent.

Mr. Speaker, the AfCFTA presents transformative opportunities for local businesses, including those in the Madina Constituency. By facilitating expanded markets and enhancing industrial output, Ghana’s 24-Hour Economy policy could flourish, creating jobs and driving economic growth. 

This integration will position Madina and similar constituencies as critical hubs for trade and commerce.

To maximise the benefits of AfCFTA, I propose the following:
Policy Harmonization: Align Ghana’s domestic trade and investment laws with AfCFTA agreements.

Capacity Building: Launch educational initiatives to empower local SMEs to leverage new market opportunities.

Infrastructure Development: Invest in trade-related infrastructure, including transportation and digital connectivity, to streamline intra-African trade
Conclusion


Mr. Speaker, the AfCFTA is a beacon of hope for Africa’s economic integration. Ghana’s leadership must inspire the continent, ensuring shared prosperity through unity and cooperation. 

I call on this Parliament, the Trade Committee, the Ministry of Trade and Industry of Ghana and its agencies to play a lead role in the integration of all markets in Africa for our collective benefit.

 Ghana must show leadership in this respect by prioritizing legislative and policy frameworks that will cement Ghana’s role as a continental trailblazer. Together, let us make the AfCFTA a reality for the benefit of all Africans.

Thank You Mr. Speaker for the opportunity to make this statement.