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🇬🇭 Ghana /Economy & Trade

Pres Mahama to champion AfCFTA expansion to Caribbean

From Ghanaian Times · () English

Summarized and contextualized by DistantNews.

At a glance

News Named sources New plan
  • President John Dramani Mahama plans to champion the expansion of the African Continental Free Trade Area (AfCFTA) to include Caribbean nations.
  • This initiative will be a priority when Ghana assumes the chairmanship of the African Union next year.
  • The expansion aims to strengthen economic ties, promote investment, and foster shared prosperity between Africa and the Caribbean.

Ghanaian President John Dramani Mahama has announced a significant initiative to broaden the scope of the African Continental Free Trade Area (AfCFTA) by incorporating Caribbean countries. This ambitious plan is set to become a cornerstone of Ghana's agenda when it takes over the chairmanship of the African Union (AU) next year.

When Ghana assumes the Chairmanship of the African Union next year, one of the initiatives I will champion is expanding the African Continental Free Trade Area to include the Caribbean.

— President John Dramani MahamaPresident Mahama announced his plan during a media encounter in Kingston, Jamaica, outlining his priorities for Ghana's upcoming AU chairmanship.

During a visit to Kingston, Jamaica, President Mahama articulated his vision for a more integrated economic landscape. He emphasized that extending the AfCFTA framework to the Caribbean would create a larger, duty-free, and tariff-free trading bloc. This, he believes, will stimulate investment, drive industrialization, and ultimately lead to shared prosperity across both regions.

Mahama highlighted the existing strong historical, cultural, and diplomatic ties between Africa and the Caribbean, noting the AU's recent recognition of the Caribbean as the continent's seventh region. He sees the AfCFTA expansion as a natural progression to harness these connections for tangible economic benefits. The current AfCFTA already facilitates trade among African nations, encompassing a market of 1.4 billion people with a combined economy valued at approximately $3 trillion.

Including the Caribbean in the AfCFTA will allow goods to move between Africa and the Caribbean duty-free and tariff-free.

— President John Dramani MahamaPresident Mahama explained the direct economic benefits of integrating the Caribbean into the AfCFTA during his visit to Jamaica.

To realize this vision, President Mahama acknowledged the need for deliberate policy decisions, substantial investment in infrastructure, and sustained collaboration. He pointed to the AfCFTA's established common product standards and its digital trading platform as existing mechanisms that can facilitate smoother cross-border commerce. The expansion would allow goods to move freely between Africa and the Caribbean without tariffs, unlocking new opportunities for businesses, investors, and consumers alike.

We must invest in the necessary infrastructure and logistics to facilitate trade.

— President John Dramani MahamaPresident Mahama stressed the importance of infrastructure development for the successful expansion of trade between Africa and the Caribbean.
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Originally published by Ghanaian Times. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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