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Pres Akufo-Addo Highlights AfCFTA’s Role In Continental Transformation
During the 5th anniversary celebration of the Council on Foreign Relations Ghana, President Nana Addo Dankwa Akufo-Addo delivered a keynote speech emphasizing the transformative potential of the African Continental Free Trade Area (AfCFTA) Agreement in driving Africa’s economic integration and industrialization.
Speaking on the theme “The Limits of the Current Development Co-operation Framework for Africa’s Transformation,” the President highlighted the AfCFTA as a key component of a new paradigm for development cooperation in Africa.
The AfCFTA Agreement, according to President Akufo-Addo, represents a bold and transformative initiative aimed at accelerating intra-African trade, promoting industrialization, and fostering economic integration across the continent. He noted that the agreement seeks to create a single market for goods and services, encompassing 54 countries and over 1.3 billion people, and has the capacity to significantly boost intra-African trade.
“Enhanced economic integration can lead to economies of scale, increased competitiveness, and greater market access for African businesses,” President Akufo-Addo stated. He cited a United Nations Economic Commission for Africa (UNECA) report which projects that intra-African trade could be 34% higher by 2045 with the AfCFTA than without it.
President Akufo-Addo also highlighted the potential of the AfCFTA to drive industrialization and create decent jobs for Africa’s growing population. He emphasized that one of the serious challenges facing Africa is the reliance on the export of raw materials with little value addition. The AfCFTA Agreement, he argued, provides an opportunity to shift towards industrialization and value addition by creating a larger market for manufactured goods and promoting regional value chains.
By encouraging investment in manufacturing and processing industries, the AfCFTA can help create jobs and drive economic growth across the continent.
“The establishment of a continental free trade area should magnify Africa’s attractiveness as an investment destination,” the President stated, adding that the implementation of the AfCFTA Agreement can create a more predictable and stable business environment, attracting both domestic and foreign investment.
In his speech, President Akufo-Addo also addressed the role of small and medium enterprises (SMEs) in Africa’s economies, noting that they contribute significantly to employment and income generation.
He pointed out that SMEs often face challenges related to market access, financing, and regulatory constraints. The AfCFTA, he argued, can provide new opportunities for SMEs by expanding their market reach and reducing trade barriers.
The President highlighted the SME Growth and Opportunity Programme he recently launched, which aims to provide targeted financing solutions and technical assistance to SMEs in Ghana.
The programme, he explained, is an important step towards creating a viable SME ecosystem that will empower businesses with high-growth potential to scale up and create impact across their communities.
In conclusion, President Akufo-Addo reiterated the transformative potential of the AfCFTA Agreement, stating that it represents a central component of the new paradigm for development cooperation in Africa. He expressed confidence that by leveraging the opportunities presented by the AfCFTA, Africa can drive economic integration, industrialization, and inclusive growth, ultimately achieving the transformative change to which the continent aspires.
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Oguaa goes gay with Fetu Afahye
The ancient city of Cape Coast, one of Ghana’s historical cities, witnessed a showcase of the rich cultural heritage of the Oguaa people with an exciting, colourful, and traditional event to mark the celebration of the 61st annual Fetu Afahye.
Themed “Innovate to elevate: Harnessing the creative economy for sustainable growth”, the festival featured a vibrant lineup of events, interspersed with several cultural performances showcasing the traditions which depict the traditional, historical and ancestral heritage of the land.
It witnessed a colourful procession of chiefs and various Asafo companies from the Mfantsipim School junction through the principal streets of the town to the Jubilee Park, accompanied by drumming and traditional dances.
The chiefs and members of the asafo companies were adorned in regal attire symbolising the pride and unity of the community.
Fetu Afahye demonstrates Oguaa’s resilience, unity, and cultural pride as the town welcomed indigenes both within and outside, as well as people from far and near, desirous of participating in the festival.
Various public spaces, including eateries and pubs, attracted patrons, and streets within the town witnessed bustling events with music blaring from the loudspeakers that had been placed by the roadside.
Bakatue
Prior to the durbar was the Bakatue regatta, a canoe race on the Fosu Lagoon, organised by ATL, a campus-based radio station located within the University of Cape Coast (UCC) in collaboration with the Oguaa Traditional Council.
The event saw a thrilling spectacle as the three Asafo companies, Nkum No. 4, Bentsir No. 1, and Anaafo No. 2, battled aggressively on the Fosu Lagoon. Nkum No. 4 earned nine points to clinch the trophy, medals, and a cash prize. They were followed by Anaafo No. 2 with five points, while Bentsir No. 1 finished third with four points.
Orange Friday
Friday witnessed what has come to be known as the biggest street carnival in Ghana, known as ‘Orange Friday.’
It drew hundreds of people across the country. Clad in orange attires, the patrons gathered and moved through the streets of the town, creating a gridlock.
The Paramount Chief of the Oguaa Traditional Area, Osaberimba Kwesi Atta II, at the durbar of chiefs to climax the festival acknowledged the unifying factor in relation to culture among Africans and stated the need for Africans to take their destinies into their own hands.
He explained that festivals such as Fetu Afahye offer an opportunity for Africans to remind themselves of the future by working hard and embrace the future in order not to be taken by events.
The Vice President, Prof. Naana Jane Opoku-Agyemang, in a speech read on her behalf, noted that the festival was far more than a ritual or an annual duty, saying, “It is an affirmation of an identity, a homecoming and a powerful testimony to the wisdom and fortitude of our forebears”.
In his remarks, the Special Guest of Honour, the Olu of Warri State in Nigeria, Ogiame Atuwatse III, indicated that, the only thing holding Africans back was Africans themselves, which he said, was in the area of an African identity, and acting on that identity.
From David O. Yarboi-Tetteh, Cape Coast
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Chief Imam issues disclaimer on unauthorised petitions
The Office of the National Chief Imam has warned Muslim organizations and individuals against issuing statements and petitions to the Government in his name without permission.
In a statement, the Chief Imam said he had observed that some groups had been circulating petitions, including a recent one on Hajj, using his name without authorization.
He stressed that such actions were unlawful and cautioned those involved to stop or face the law.
The Chief Imam reminded the public that on October 4, 2022, he, together with the National Imams of all Muslim sects, signed a deed and presented it to the Government at the Jubilee House.
The agreement recognised the National Muslim Conference of Ghana as the official body representing Muslims in their dealings with state institutions.
He urged that any petitions meant to be sent to the Government in his name should go through the National Muslim Conference of Ghana with the approval of the Advisory Board of his office.
By: Jacob Aggrey
