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Ghanaian insurance companies have been advised to take advantage of the African Continental Free Trade Area (AfCFTA) to encourage exporters to insure their products meant for export.
The move will promote and stabilise such businesses for the benefit of the owners and the country as a whole.
The Chief Trade Negotiator and Senior Technical Advisor of the Ministry of Trade and Industry, Mr. Anthony Nyame Baafi, gave the advice at a regional seminar on the benefits and opportunities of the AfCFTA in Koforidua in the Eastern Region last Friday.
The one-day seminar, dubbed: Optimising AfCFTA for Ghanaians: Sensitising All the Regional Business Communities in Sync with the Opportunities , was attended by Municipal and District Chief Executives (MDCEs ), entrepreneurs, sole proprietors, industrialists, representatives from the banking sector, insurance companies and small and medium-scale enterprises (SMEs), among others.
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Despite Nigeria’s comparative advantage and self-sufficiency status in the production of certain products, cement, flour, rice, sugar and 180 other products would not be liberalised under the African Continental Free Trade Area (AfCFTA), even though doing otherwise would help the country tame its rising inflation, The Guardian learnt.
Sources familiar with the tariff lines in the schedule submitted to ECOWAS by Nigeria for negotiation told The Guardian that, while 131 products are already on the import prohibition list, the remaining products on the exclusive list were picked based on national priorities, trade volume, priority, food security and competitive advantage.
Chartered Accountants have been charged to contribute towards the successful implementation of the African Continental Free Trade Area (AfCFTA) Agreement.
Speaking on the role of Chartered Accountants in the successful execution of the Agreement, Mr Mickson Opoku, Team Leader, Multilateral, Regional & Bilateral Trade and Chief Trade Negotiator for the AfCFTA, Ministry of Trade and Industry, said it was important for chartered accountants to educate and sensitise people and stakeholders to understand the Framework Agreement, protocols, Annexes, and the Appendices of the Treaty establishing the AfCFTA.
He made the call at a virtual seminar organised by the Accra West District Society of the Institute of Chartered Accountants Ghana.
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