Informal sector will not benefit from AfCFTA – GITFiC CEO

October 29, 2021 Ghana Web 0 Comments

The Chief Executive Officer of the Ghana International Trade and Finance Conference (GITFiC), Selasi Koffi Ackom, has stated point-blank that the informal sector will not benefit from the African Continental Free Trade Area (AfCFTA).
The AfCFTA aims at accelerating intra-African trade and boosting Africa’s trading position in the global market by strengthening Africa’s common
voice and policy space in global trade negotiations. But Selasi Koffi Ackom has expressed that the informal sector may not get this boost that AfCFTA promises to provide.
Explaining why he takes that stance, he told Don Prah on the Happy Development Dialogues that certain structures under the AfCFTA will not be favorable for businesses in the informal sector.
Speaking under the theme, ‘Understanding the relevance of AfCFTA for Ghana and Industry Players’, he explained: “Incoterms play a major role in the AfCFTA and people do not really know about that. Incoterms are guidelines by WTO guiding the shipment or movement of goods. If you don’t know the incoterms to use you will lose. So, there are technicalities. What we are saying is that currently within the fundamentals, it is left with the technocrats. AfCFTA currently as it is, is not for the informal sector yet.” Read More.

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