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The President of the Republic, Nana Addo Dankwa Akufo-Addo, announced the significant advancements being made by Ghanaian products under the African Continental Free Trade Area’s Guide Trade Initiative during the State visit of Guinea-Bissau’s President, Umaro Mokhtar Sissoco Embaló.
President Akufo-Addo stated that following the initial implementation of the Guided Trade Initiative, the AfCFTA market has targeted and rolled out over 700 Ghanaian products that are self-defined under the AfCFTA, including clothing, cosmetics, processed foods, coconut oil, and Shea butter. The initiative was introduced in October 2022.
President Akufo-Addo stated such a transformative showing, during a joint press conference following bilateral engagements with President Embaló and his ministerial team from Guinea-Bissau, who are on a state visit to Ghana “will give us the best opportunity to derive maximum benefit from our abundant natural resources and from our participation in the AfCFTA, and help bring progress and prosperity to our people”
He expressed confidence that Ghana’s and seven other countries’ inclusion in the GTI of the AfCFTA will boost intra-African trade, increase the participating nations’ competitive advantage, and solidify their standing in the international market.
He continued by saying that Ghana, for example, has already been able to significantly penetrate the East African market, particularly in Kenya and Tanzania, thanks to the GTI.
In order to test the operational, institutional, legal, and trade policy framework under the AfCFTA which aims to unify a market of roughly 1.3 billion people with a combined GDP of 3.4 trillion dollars the Guided Trade Initiative aims to permit commercial meaningful trading.
President Akufo-Addo, and his Bissau Guinean counterpart, have been exploring ways to boost further the political, economic, cultural and people to people exchanges between the two countries and foster cooperation at the bilateral and multilateral levels.
He said, President Embaló is in Ghana to “reaffirm the ties of cooperation and the bonds of friendship that Guinea Bissau attaches to her relations with Ghana.”
Aside the talk on the numerous benefits on offer under the AfCFTA, the two leaders also looked at extensive ways to drive investment opportunities domestic and foreign into both two countries and the need for enhanced cooperation and partnership in our development efforts.
Aside the shared commitment to the promotion of a fairer world and addressing global issues relating to the 17 goals of the United Nations , they also agreed to intensify advocacy towards the “urgent necessity for the reform of the United Nations, especially of its Security Council” and reiterated their joint commitment to Common African Position on UN reform based on the Ezulwini consensus.
He noted further that, additional discussions held in atmosphere of fruitful cordiality, also focused on areas such as education, trade and industry, agriculture, fisheries and aquaculture, environment, science and technology, petroleum and hydro carbon activities and tourism.
On cooperation in the development of their respective fisheries sectors, he explained that, “the Joint Venture Partnership between private companies of both countries, granting of licenses to Ghanaian fishing vessels, to fish in Guinea-Bissau waters, training of Guinea Bissau personnel in Ghana Fisheries school and the Regional Maritime Academy in electronics, exchange of information on all aspects of fishing, technology, assistance and cooperation from Ghana, in the development of artisanal fishing in Bissau and signing of bilateral fishing agreement between the two counties to safeguard among others the lives of Ghanaians who work in the fishing industry in Bissau. “
In light of this, Ghana and Guinea-Bissau have decided to hold the Permanent Joint Commission for Cooperation’s inaugural session later this year. This session will establish the institutional and legal framework for resolving our two nations’ trade and investment issues.
It was also discussed the work being done by Ghana’s 101-strong contingent in the ECOWAS Stabilization Support Mission, which has been based in Bissau since the attempted coup on February 1, 2022, with the honor and duty of securing the President and the Presidential Palace.
Source: Ghanatodayonline.com
