Intra Africa trade key to Ghana’s economic recovery – Finance Minister
On October 24, 2024, 8:30 AM
Finance Minister Dr Mohammed Amin Adam has emphasised the importance of intra-African trade as a critical component of Ghana’s economic recovery and resilience against external shocks.
Speaking at a meeting in Washington D.C. between African finance ministers and World Bank President Ajay Banga on October 23, Dr Adam stressed the need for African countries to work together to overcome the challenges impeding effective trade within the continent.
“Ghana cannot achieve this alone,” he said, adding, “We must unite to address the obstacles preventing us from realizing the dream of a robust Intra-African Trade system.”
AfCFTA and Ghana’s Economic Growth
The Finance Minister identified the African Continental Free Trade Area (AfCFTA) as a key driver in bringing the region together and expanding Ghana’s economy.
He highlighted intra-African trade as a catalyst for economic growth, job creation, and poverty reduction while acknowledging the support of the World Bank and the IMF in overcoming trade barriers.
“We recognise intra-African trade as essential for economic growth and are committed to eliminating the challenges with the continued support of our global partners,” Dr Adam stated.
Call for Support on Africa’s Free Trade Deal
Dr. Adam also urged the IMF and World Bank to back initiatives such as regional payment systems, which are vital for realizing the full potential of intra-African trade and ensuring seamless transactions.
“Ghana and the region need guarantees to mitigate risks associated with payment systems,” he said.
He noted that an effective and unified intra-continental payment system is essential for promoting trade within Africa.
“We recognise that financial inclusion and harmonized trade routes are necessary to ensure inclusive implementation of the AfCFTA,” he added.
World Bank and IMF Engagements
In addition to his remarks on intra-African trade, Dr. Adam has been engaged in bilateral discussions with Ghana’s development partners.
Key topics included Ghana’s development operations, energy sector reforms, and climate change strategies.
During these engagements, the Finance Minister underscored the crucial role of Ghana’s partners in stabilizing the economy and advocated for reforms to the global financial architecture.
He pushed for greater African influence in shaping the flow of global capital and international support.
Dr. Adam made these comments at the ACET Roundtable on Africa’s Agenda for Financial Architecture Reform: Priorities for 2025, co-hosted by the African Union and UNECA at the Elliott School of International Affairs, George Washington University, on October 22, 2024.
