• Home
  • Radio
  • TV
  • Advertisement
  • Disclaimer
  • Public Notice
    • Opinion
  • New Africa Business News
  • Contact
  • Log In
facebook
    • News
    • Business
    • Video
    • Entertainment
    • Sport
    • Jobs
    • Government
    • Immigrants
    • Investment
    • Gallery
      • Animal
      • Africa Map
    • NGO
    BREAKING NEWS
    Ghana to Invest into Yam Production
    Africa Cloud Ecosystem Project: Phase one Launched
    Reserve Bank of Zimbabwe has Initiated Gold Coins to be Sold to the Public in a bid to Repress Uncontrolled Inflation
    Dangote Industries Completes Issuance of $452 Million Bond
    Over $1 billion Approved by the African Development Bank to Fast Track Food Production Plan
    Travel and Tourism Industry in Nigeria to Grow Exponentially Over the Next Decade, Report
    Foundation Improves Agricultural Productivity in West African Sub-Region
    Angola to Expand Oil Refinery Capability
    …Wheat Costs Rise Ivory Coast visions Cassava for its Bread
    Ghana generates US$3.3 Billion From Non-Traditional Exports in 2021, Report

    54 out of 55 African Countries Sign the African Continental Free Trade (AfCFTA) Agreement

    Posted On 09 Jul 2019
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    By Abdul Rahman Suagibu –

    Photo Credit: AU

    NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone- African Leaders kick- off operational phase of the African Continental Free Trade Area, AfCFTA in Niamey Niger.

    Ratifications of five operational instruments of the AfCFTA were done, with Ghana being selected as the host of the Secretariat of the AfCFTA.

    In a statement issued at the end of the 12th Extraordinary Session of the Assembly of African Union Heads of State and Government, Africa leaders revealed five operational instruments that will administer the activities of the AfCFTA.

    The five operational instruments include;

    -Rules of Origin

    -Outline negotiating forum

    -Monitoring and elimination of non-tariffs barriers

    -Digital payments system

    -African trade observation.

    According to the release, each one was launched by different Heads of State and Government that included President Cyril Ramaphosa of South Africa, President Abdel Fattah El Sisi of Egypt who is the current Chairperson of the AU, Mr Moussa Faki Makamat, the Chairperson of the African Union Commission, and President Mahamadou Issoufou of Niger, who is the champion of the AfCFTA.

    “The speedy entry into force of the AfCFTA is a source of pride for all of us”, said AU Commission Chairperson Mr. Moussa Faki Mohamat.

    Nigeria joined signatory to the African Free Trade pact on Sunday after President Muhammadu Buhari signed the landmark document at the AU Summit in Niger. This leaves only Eritrea as of the 55 African countries that are yet to join the pact.

    If successful, experts predict a $ 3.4 trillion free trade bloc, leading to jobs and development.

    “An old dream is coming true, the founding fathers must be proud,” African Union Commission Chairman Moussa Faki Mahamat said Sunday while AU chairman and Egyptian President Abdel Fattah Al-Sissi said “The success of AfCFTA will be the real test to achieve economic growth that will turn our people’s dream of welfare and quality of life into reality”.

    It took Seventeen years of bitter and tough negotiations to reach Sunday’s milestone, which experts say could boost trade among African nations by 60% in just three days.

    But those experts also understand that the continent is facing many challenges, including unreliable or non-existent roads and rail lines, unrest, corruption and deeply entrenched bureaucracies.

    By integrating economics and reducing such trade barriers as tariffs, the pact aims to increase employment prospects, living standards and opportunities in Africa, and to make Africans competitive regionally and globally the more.

    Nigeria’s willingness to sign the pact, along with the Economic Community of West African States (ECOWAS) agreement last week to adopt a common currency will help boost trade throughout the continent, says Mohamed Ibn Chambas, the U.N Secretary General Special Representative and Head of the U.N Office for West Africa and the Sahel (UNOWAS).

    “The continental free trade area will to a larger extent also reinforce regional free trade areas,” Chambers told members of the press. “And this where a common currency comes in. If you have a free trade area and it is matched also by a regional common currency, the impact of course will be to boost both free trade and easy commerce within the area”

    The African free trade zone has been under discussion since 2002, with a draft deal signed in early 2018. In May, it surpassed a threshold of ratification by at least 22 member countries’ legislatures.

    For New Africa Business News Abdul Rahman Suagibu Reports,  Africa Correspondent

    Facebook: newafricabusinessnews.com

    Email: Info@newafricabusinessnews.com

    AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com

    ADVERTISING OPPORTUNITY
    NEW AFRICA BUSINESS NEWS IS GOING TO START ADVERTISING FOR COMPANIES, GOVERNMENTS, NGO’s AND FOUNDATIONS IN A FEW MONTHS TIME. YOU CAN ADVERTISE AS LOW AS $11,000.00 PER MONTH PRICE LOCKED FOR UP TO 60 MONTHS. TAKE ADVANTAGE OF THIS GLOBAL, UNLIMITED, OPPORTUNITY WITH AFRICA’S FASTEST GROWING GLOBAL NEWSPAPER. FOR INFORMATION CONTACT US …………………………   INFO@NEWAFRICABUSINESSNEWS.COM
    About the Author
    New Africa Business News Staff Correspondent
    • google-share
    Previous Story

    Soccer- Women Cup

    Next Story

    Ghana’s Host of AFCTA would Boost Economy- Policy Analyst

    Leave a Reply Cancel reply

    *
    *

    Members Area

    • Members Log In

    RECENT

    POPULAR

    COMMENTS

    Ghana to Invest into Yam Production

    Posted On 05 Aug 2022

    Africa Cloud Ecosystem Project: Phase one Launched

    Posted On 02 Aug 2022

    Reserve Bank of Zimbabwe has Initiated Gold Coins to be Sold to the Public in a bid to Repress Uncontrolled Inflation

    Posted On 28 Jul 2022

    New Africa Business News, Person of the Year 2021-2022, Goes to African Women

    Posted On 29 Jan 2022

    New Africa Business News Award Medalist of Excellence as Africa's President of the Year 2020-2021 meets the Heads of his Ancestors on March 17th, 2021 Samia Suluhu Hassan divulged

    Posted On 20 Mar 2021

    New Africa Business News, Person of the Year 2020-2021, Goes to Dr. Arikana Chihombori Quao

    Posted On 01 Jan 2021

    Thanks for reading, Africa’s fastest...

    Posted On 27 Apr 2022

    Thanks for reading, Africa’s fastest...

    Posted On 27 Apr 2022

    Thanks for reading, Africa’s fastest...

    Posted On 27 Apr 2022

    Facebook

    Latest Posts

    Ghana to Invest into Yam Production

    Africa Cloud Ecosystem Project: Phase one Launched

    Reserve Bank of Zimbabwe has Initiated Gold Coins to be Sold to the Public in a bid to Repress Uncontrolled Inflation

    Recent Posts

    • Ghana to Invest into Yam Production
    • Africa Cloud Ecosystem Project: Phase one Launched
    • Reserve Bank of Zimbabwe has Initiated Gold Coins to be Sold to the Public in a bid to Repress Uncontrolled Inflation
    • Dangote Industries Completes Issuance of $452 Million Bond
    • Over $1 billion Approved by the African Development Bank to Fast Track Food Production Plan

    Categories

    • Business
    • Education
    • Entertainment
    • Featured
    • Government
    • Immigrants
    • Investment
    • News
    • NGO
    • Obituary
    • Opinion
    • Public Notice
    • Sport
    • Video

    Tag Cloud

    african economy business africa

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.