The Member of Parliament for Madina, Hon. Francis-Xavier Kojo Sosu esq., has highlighted the immense potential of Ghana’s 24-Hour Economy policy to benefit from the full implementation of the Africa Continental Free Trade Agreement (AfCFTA).
Speaking on the floor of Parliament, he urged the government to capitalize on the agreement’s opportunities to expand markets, create jobs, and enhance industrial productivity across the nation.
The AfCFTA, headquartered in Accra, seeks to eliminate trade barriers across Africa, creating a single market of 1.2 billion people and a combined GDP of $3.4 trillion.
Hon. Sosu underscored that Ghana, as the host nation, must position itself as a leader in driving the agreement’s success, particularly in aligning it with the country’s ambitious economic transformation agenda.
Hon. Sosu explained that the 24-Hour Economy policy, which focuses on industrial revolution and round-the-clock productivity, aligns perfectly with the objectives of AfCFTA. By opening access to an expanded continental market, Ghanaian businesses—especially in manufacturing, trade, and services—stand to thrive.
“AfCFTA creates an environment where Ghana’s industries can produce at scale, access new markets, and compete globally,” he said. “The 24-Hour Economy policy will flourish with these expanded opportunities, driving economic growth and creating sustainable jobs.”
To maximize these benefits, Hon. Sosu proposed three key areas of focus:
1. Policy Alignment: Harmonizing Ghana’s domestic trade and investment laws with AfCFTA provisions to ensure smooth integration into the continental market.
2. *Infrastructure Development: Building trade-related infrastructure, including transport networks and digital systems, to facilitate seamless intra-African trade.
3. Capacity Building: Empowering small and medium-sized enterprises (SMEs) to leverage the expanded market opportunities through training and education.
He emphasized that constituencies like Madina could become vital hubs for trade and commerce under AfCFTA, driving local economic transformation.
While the AfCFTA offers significant potential, Hon. Sosu acknowledged hurdles, including the need for political will to harmonize trade laws and surrender elements of sovereignty for the collective good. He called on Parliament, the Ministry of Trade and Industry, and relevant stakeholders to take decisive action in addressing these challenges.
Citing a World Bank study, he noted that full implementation of AfCFTA could lift 30 million Africans out of extreme poverty and generate $450 billion in real income gains by 2035. These projections, he said, highlight the urgency of Ghana’s leadership in ensuring the agreement’s success.
Hon. Sosu concluded by urging Ghana to lead Africa’s integration efforts, emphasizing that the country’s proactive approach will not only benefit the nation but also inspire the continent.
“Ghana must prioritize policy and legislative reforms that position us as a trailblazer in the AfCFTA journey. By doing so, we can ensure shared prosperity for all Africans while advancing our domestic economic goals,” he stated.
As the AfCFTA continues to unfold, Ghana’s strategic alignment with its objectives offers a unique opportunity to solidify its 24-Hour Economy policy as a model for industrial and economic success across the continent.
