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Policy space for industrialisation is key for Africa’s development – K T Hammond

Mr Kobina Tahir Hammond, Minister of Trade and Industry, has called for flexibility in trade policies to facilitate Africa’s industrialisation agenda and make the continent benefit fully from the multilateral trading system.

He made this call during a meeting with Ms Rebecca Grynspan, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD), in Geneva as part of a working visit.

He noted that the African Continental Free Trade Area (AfCFTA) would provide the continent with a good starting point for removing trade-related bottlenecks and ensuring that export volumes and values are increased on the continent.

Mr Hammond called for close collaboration and consensus among African governments to build trust on key issues such as agriculture, which he said could facilitate value-addition and increase the continent’s exports.

The Minister also called for enhanced efforts to position the continent to attract a significant amount of trade-related investment that would enable it to take
advantage of global value chains.

In Ghana, President Nana Addo Dankwa Akufo-Addo was ensuring the transition of the country from a ‘Guggisberg- raw material based’ economy to one of value addition, he said.

To achieve this, the government, through initiatives like the One District-One Factory (1D1F) initiative and the establishment of strategic anchor industries was spearheading Ghana’s advancement of industrialisation agenda, Mr Hammond said.

In her remarks, Ms Grysnpan, Secretary-General, UNCTAD, called for support for the global-south to be fully integrated into the multilateral trading system through capacity-building initiatives.

She also emphasised the need to work together to achieve multilateral agreements that support the development, with special and differential treatment being accorded to the most vulnerable.

Ms Grysnpan called for equitable financial regulations and investment regimes to support global trade rules to deliver development for all.

Source: Ghana News Agency