Ghana’s delegation at the 52nd CPA Africa Regional Conference has moved a motion on the role of African Parliaments in accelerating Intra-African trade.
The motion which was moved by the Majority Leader, Osei Kyei-Mensah-Bonsu on behalf of the Rt.Hon. Speaker, Alban Sumana Bagbin and the Parliament of Ghana, is expected to fashion out ways to stimulate local and intra-African trade in a bid to reduce the shocks of the global crises on African countries.
In moving the motion, Mr Kyei-Mensah-Bonsu, outlined the significance of the trade agreement which he said will turn around the extremely low economic growth being witnessed on the African market as well as its unsustainable fiscal deficits and the constant increase in rising debt levels.
“As a direct consequence of COVID-19, African economies experienced negative to extremely low economic growth, unsustainable fiscal deficits, rising debt levels, huge populations being pushed below the poverty brackets and balance of payment problems. As African economies were about to emerge from the shocks of COVID-19, entered the war in Ukraine which is affecting food, fuel, and steel products prices as well as access to international finance.
“Besides, to achieve the Sustainable Development Goals (SDGs) and the African Union’s Agenda 2063, intra-African Trade will undoubtedly play a key role in ameliorating the poor living conditions of the disadvantaged and repositioning them towards medium to long term inclusive and sustainable growth.”
Making a strong case for member countries to engage in intra-trade, the Majority Leader referenced a recent World Bank report which he said, “the African Continental Free Trade Area (AfCFTA) would yield the following results; Lift 30 Million Africans out of extreme poverty and boost the income of 70 Million others who live on less than $5.50 a day; Boost Africa’s income by $450 Billion by 2035 (a gain of 7%) while adding $76 Billion to the income of the rest of the world, Increase Africa’s export by $560 Billion mostly in manufacturing, and Boost wages for both skilled and unskilled workers by 9.8% and 10.3% respectively.”
The 52nd Regional conference and annual general meeting which is on the theme “The Role of African Parliaments in Building inclusive society to counter growing insecurity in Africa” is expected to strengthen parliamentary democracy in Africa.
Source: Yesmeen Abubakar Tetteh
