Former President John Mahama has called on Africans to strive for the efficient implementation of the African Continental Free Trade Area (AfCFTA).
AfCFTA is the world’s largest free trade area bringing together the 55 countries of the African Union (AU) and eight (8) Regional Economic Communities (RECs) to create a single market for the continent.
Under the agreement, AfCFTA members are committed to eliminating tariffs on most goods and services over a period of 5, 10, or 13 years, depending on the country’s level of development or the nature of the products.
General long-term objectives include creating a single, liberalised market; reducing barriers to capital and labor to facilitate investment; developing regional infrastructure; and establishing a continental customs union.
The overall aims of AfCFTA are to increase socioeconomic development, reduce poverty, and make Africa more competitive in the global economy.
Mr Mahama is hopeful with the implementation of AfCFTA, “Africans will be able to travel visa- free within our own African boarders and explore trading opportunities with ease and comfort”.
In a Facebook post on Thursday May 25, 2023, Mr Mahama lauded the collective efforts of African nations to promote peace, development and integration on the continent.
May 25 has been set aside as the Africa Day which is intended to celebrate and acknowledge the successes of the Organisation of African Unity (OAU now the AU) from its creation on May 25, 1963, in the fight against colonialism and apartheid, as well as the progress that Africa has made while reflecting upon the common challenges that the continent faces in a global environment.
