The Dean of the University of Professional Studies, Accra (UPSA) Law School, Prof. Ernest Kofi Abotsi has called for more financing to make the implementation of the Africa Continental Free Trade Agreement (AfCFTA) a success.
According to him, intra African trade among African countries will still be low if measures are not put in place to finance movements of goods and people on the continent.
Prof. Abotsi was speaking at UPSA Law School’s Africa Trade Round Table 5 on the theme “Trade Financing and Pan African Settlement System”.
He argued that it is important to get organizations such as the Afrexim Bank and the African Development Bank to advance funding to businesses on the continent through government to make the AfCFTA effective.
“West Africa has seen grandiose projects that went nowhere. And part of the reason they went nowhere is because policies go nowhere in the absence of financing” he said.
“The AfCFTA, frankly is going nowhere in the absence of trade finance. If you don't have trade financing, there's no trade period!”.
Citing Europe as an example, Prof. Abotsi said with effective infrastructural project, African countries can be easily linked to ease the movement of people and goods.
“The reason why people move easily in Europe is because of trade, the political integration of Europe is to allow similar businesses in Europe to interact”.
“In Europe, people wake up in the morning, they are moving flowers from Holland to England. They don’t have to worry so much about so many border bureaucracy issues. It all has to do with similar trades. Now you can’t indulge in trade in the absence of proper financing”.
On his part, the West African Chief Operating Officer of the Afrexim Bank, Eric Intong underscored the need for Africa countries to begin trading in local currencies on the continent as against the use of the dollar.
Latest Stories
-
Shaping The Future: Launch of new development guidelines to strengthen Ghana’s Development Goals
21 mins -
Give GH₵2 billion to creatives to produce anti-galamsey content – Paul Gee to government
25 mins -
Kwame Owusu Danso decries widening rent deficit, promises lasting solution with Alan Kyerematen
25 mins -
Osei Kyei-Mensah-Bonsu did a better job as leader than Afenyo-Markin – Political Sociologist
25 mins -
Camfed Association empowers thousands of young Ghanaians with education and skill development support
25 mins -
GIZ and stakeholders’ partner to advance Inclusive Business and Green Economy
39 mins -
Golden Jubilee celebration: MUSIGA to host all-women festival
43 mins -
FWSC recovers GH₵348m from fraudulent payroll entries
46 mins -
The Pitch Hub, bp celebrate the graduation of 26 entrepreneurs from the bp Innovation Factory Program
47 mins -
ADB lauds climate-resilient agricultural initiatives in Ghana
50 mins -
Fontomfrom Empire unveils plans for Fontomfrom Amandze Art and Culture Festival in 2025
52 mins -
AFCON 2025: Black Stars full squad for Angola, Niger games
53 mins -
Enimil Ashon: Enyansafo no wo hen?
58 mins -
Ghana’s Green Africa Youth Organization wins Earthshot Prize for Clean Air
1 hour -
Speaker is acting in bad faith – Afenyo-Markin
1 hour