Home / GENERAL NEWS / President Akufo-Addo Awarded For His Contribution To AfCFTA

President Akufo-Addo Awarded For His Contribution To AfCFTA

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The President of the fourth Republic, Nana Addo Dankwa Akufo-Addo has been awarded for his exceptional contribution to the coming into force of the African Continental Free Trade Area Agreement (AfCFTA).

Nine other presidents including that of Rwanda, Egypt, Niger and Nigeria were all awarded for similar contributions to the continental body.

Representatives from the various countries were present at the virtual ceremony at the AU’s Head Office at Addis Ababa in Ethiopia to receive the award.

The event was also used to award a number of African private sector organisations in partnership with the African Union Commission.

Two former heads of state, heads of African institutions and other prominent individuals were also awarded for their exceptional contribution to AfCFTA process.

Background of AfCFTA

AfCFTA, the world’s largest free trade area, has the potential to transform the continent with its potential market of 1.2 billion people and combined GDP of around $3 trillion across the 54-member states of the AU. Trading under AfCFTA commenced on 1 January 2021.

The AfCFTA aims at creating a single continental market for goods and services, with free movement of business persons and investments, to promote intra-continental trade.

The agreement, signed among 54 African countries, with 34 depositing their instruments of ratification, makes Africa the largest free trade area in the world, with a population of 1.3 billion people and a total Gross Domestic Product (GDP) of more than $3.4 trillion.

The agreement was signed in Kigali, Rwanda, on March 21, 2018 and entered into force on May 30, 2019 when the minimum required 22 countries deposited their instruments of ratification with the Chairperson of the African Union.

Source: Asaaseradio.com

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