The African Continental Free Trade Area (AfCFTA) has been identified as a critical tool for helping African countries retain more of their wealth by strengthening trade within the continent and reducing dependence on external markets.
Benjamin Asiam, Acting Head of the National Coordination Office at the Ministry of Trade, Agribusiness and Industry, says the agreement provides a unique opportunity for African economies to derive greater value from their resources while keeping more economic gains within the continent.
Speaking during a discussion on the theme, “Unlocking Africa’s Single Market: How Can Ghanaian Businesses Win Under AfCFTA?” as part of the Citi Business Festival, Mr Asiam said deeper trade integration among African countries could significantly transform the continent’s economic fortunes.
Africa’s Vast Market Potential
According to Mr Asiam, AfCFTA has created access to a continental market of more than 1.4 billion people with a combined Gross Domestic Product exceeding $3 trillion.
He noted that the agreement brings together 54 African countries under a common trade framework that promotes trade preferences among member states and encourages stronger economic cooperation.
“We have a population of over 1.4 billion people and also a GDP of more than $3 trillion. If we trade with each other, the wealth of Africa will stay in Africa and Africa will be better for it,” he stated.
Reducing Dependence on Raw Material Exports
Mr Asiam said African economies have historically relied heavily on exporting raw materials to international markets, often receiving limited value in return.
According to him, AfCFTA provides an opportunity to reverse that trend by encouraging local processing, manufacturing and value addition across the continent.
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He stressed that increasing trade among African countries could help retain more economic value within Africa while supporting industrial growth and job creation.
Opportunities for Businesses
The trade official noted that the agreement creates significant opportunities for businesses seeking access to larger markets across the continent.
He explained that companies can benefit from reduced trade barriers, improved market access and stronger regional partnerships under the AfCFTA framework.
According to him, businesses that take advantage of the agreement stand to gain from increased demand and new investment opportunities.
Ghana’s Role in AfCFTA
Mr Asiam highlighted Ghana’s contribution to the establishment of the trade agreement, noting that the country played an important role in negotiations leading to its creation.
He also pointed to Ghana’s position as host of the AfCFTA Secretariat in Accra, reinforcing the country’s strategic role in advancing Africa’s trade integration agenda.
Driving Economic Transformation
Trade experts believe AfCFTA has the potential to accelerate industrialisation, create jobs and strengthen economic resilience across the continent.
Mr Asiam stressed that the success of the agreement will depend on how effectively governments and businesses leverage the opportunities it presents.
He said increased intra-African trade remains one of the most effective ways of promoting sustainable economic growth and ensuring that more of Africa’s wealth benefits Africans.
The agreement is widely regarded as one of the most ambitious economic integration initiatives on the continent and a key pillar in Africa’s long-term development strategy.
