Ghana has ratified the African Continental Free Trade Area (AfCFTA) agreement that will help African countries carry out trade within their borders without restrictions. Ghana becomes the second country to ratify the agreement after Rwanda. President Nana Akufo-Addo is expected to give presidential assent to the agreement to complete Ghana’s part of the process.
The agreement creates a single market for goods and services facilitated by the free movement of persons in order to deepen the economic interest of the African continent in accordance with the pan African vision. It is expected to come into force when the parliaments of at least 22 out of the 55 African countries ratify the agreement.
African heads and governments in 2012 agreed to the establishment of a continental free trade but only started negotiations in 2015. Expected to be signed by all the 55-member states of the African Union, the agreement will bring 1.2 billion people with a combined gross domestic product (GDP) of more than $2 trillion.