Ghana’s bid to host the secretariat of the African Continental Free Trade Area (AfCFTA) has been accepted, Citi Business News has gathered.
The announcement was made by the Executive Council of the African Union at the ongoing AU Summit in Niamey, Niger.
The decision is expected to be approved by Heads of State and Governments on Sunday, July 7.
The meeting ongoing in Niamey will also announce a date for trading to begin in the African Continental Free Trade Area, a deal that 52 of the continent’s 55 states have signed, although ratification has be done by only 25 countries.
The overarching goal of (AfCFTA) is to remove trade barriers and tariffs between members; enhancing intra-Africa trade on the continent.
The agreement is aimed at creating a single continental market for goods and services with free movement of goods, people and investments.
This is expected to eventually unite the continent’s 1.27 billion people and its $3.4 trillion nominal gross domestic product.
According to the UN’s Economic Commission for Africa, the agreement has the potential to boost intra-Africa trade by 53%.