U.S. National Bar Association Delegation visit AmCham Ghana Secretariat

On Tuesday, April 8, the American Chamber of Commerce in Ghana, along with the  U.S. National Bar Association (NBA) President Wiley Adams, NBA AfCFTA Initiative co-chairs Barbara Simmons and Johanna LeBlanc, and other members of the delegation, paid a courtesy visit to the secretariat.

The meeting focused on strategic opportunities to exchange insights, explore collaboration, and gain a deeper understanding of AmCham Ghana’s initiatives. Discussions highlighted the Chamber’s key efforts to strengthen U.S.-Ghana business relations, attract investment, and position Ghana as a prime destination for international investors. The National Bar Association (NBA), the nation’s oldest and largest network of predominantly African American attorneys and judges, has signed a historic Memorandum of Understanding (MoU) with the African Continental Free Trade Area (AfCFTA) Secretariat to support the effective implementation of the agreement. This landmark partnership reflects the NBA’s ongoing commitment to advancing economic empowerment, legal capacity, and investment opportunities across the African continent.

One of the key pillars of the MoU is to facilitate and encourage increased investments into Africa, aligning with the goals of the AfCFTA to create a unified, prosperous, and sustainable economic bloc.

This engagement marks a significant step in the NBA’s broader mission to serve as a bridge between the U.S. legal and business communities and the emerging opportunities on the African continent.

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ABC Nigeria And AmCham Ghana Discuss AfCFTA Implementation Post Covid-19

The American Business Council, Nigeria, in collaboration with the American Chamber of Commerce, Ghana, hosted a webinar to discuss AfCFTA Implementation Post Covid-19 with the Secretary-General of the African Continental Free Trade Area Secretariat, Wamkele Mene.

AfCFTA provides the opportunity for Africa to create the world’s largest free trade area, with the potential to unite 1.3 billion people, in a $2.5 trillion economic bloc and usher in a new era of development.

The main objectives of the AfCFTA are to create a continental market for goods and services, with free movement of people and capital, and pave the way for creating a Customs Union.

Wamkele Mene briefly described the origin of the AfCFTA, which is essentially the product of the AU’s 2012 Boosting Intra -Africa Trade Action Plan which currently is at 18%.

He conceded that tariffs alone are not enough to encourage trade within Africa; this has to be done in conjunction with re-examining the economic structure of Africa; Leveraging on regional value chains; improving infrastructure, which currently at a deficit of about 100 billion U.S dollars and producing more goods or adding value to raw material.

With regard to the operationalization of the Secretariat and the agreement, Mene explained that the July 1st start date for trading has been put on hold until the pandemic is under control. 51 Countries have signed unto the Agreement and 28 Countries have so far ratified it as State parties.

Key Aspects of the Agreement Includes;

  • Increase and encourage the production of goods/services and the establishment of regional value chains to benefit all Countries on the Continent, create jobs and lift people out of poverty
  • Harmonization of customs processes and procedures on the Continent, to create a respected rule-based system for Countries to comply
  • Implement rules of origin
  • Implement a dispute settlement mechanism

Medium-Term Objectives of the Secretariat

  • Establishment of the Secretariat and staffed with the best and brightest Africans
  • World-class implementation of the Agreement
  • Credible dispute settlement mechanism for fair, impartial, transparent, and non-partisan of disputes to enhance investor confidence.
  • Establishment of value chains in two or three areas namely; automobile or agro-processing or the labour intensive value chains on the Continent
  • Encourage young Africans and Women in business and trade
  • Industrial Development Forum
  • Establishment of Fund for Investment in Value Chain

The long term goal of the secretariat is to increase intra-African trade from the current 18% to over 50% by 2030.

Wamkele Mene cautioned against willful lack of compliance with the rules by Member Countries as one of the challenges that may impede the development of AfCFTA. He further encouraged Countries to see the implementation of the Agreement as the economic relief required to derive economic growth after the coronavirus pandemic.