Audio: “AfCFTA yet to make real impact” – Oppong Nkrumah

Ranking Member of Parliament’s Economy and Development Committee and Member of Parliament for Ofoase Ayirebi, Kojo Vincent Oppong Nkrumah, has observed that the African Continental Free Trade Area (AfCFTA), though operational, is yet to make a significant impact on the lives of millions of people across the continent.

Speaking on the sidelines of a panel discussion on the role of the insurance sector in supporting the AfCFTA, Mr. Oppong Nkrumah noted that while the agreement has been signed and the Secretariat established in Ghana, trade under the framework remains limited.

“I think yesterday the conversation that I was invited to share perspectives on was about how we can unlock the insurance sector’s potential in helping to do more with the Continental Free Trade Area.

“The Continental Free Trade Area has been signed up, the Secretariat is in Ghana, trade has started but it’s still limited. It’s not really making an impact in the lives of millions of people across the continent.”

He explained that unlocking the potential of the insurance industry is one of the key areas needed to strengthen the implementation of the agreement.

“One of the outstanding areas is to do some work on unlocking insurance products and insurance capital and I was invited yesterday to participate on that panel about how we could do that.”

The Member of Parliament further disclosed that enhancing the role of insurance and other financial instruments would help reduce trade risks, boost investment confidence, and make the AfCFTA more impactful for businesses and citizens across Africa.

Source: Elvisanokyenews.net