McDan Group to facilitate trade among African countries
The Chief Executive Officer (CEO) of McDan Group, Daniel McKorley has signed a Memorandum of Understanding (MoU) with the Secretary General of the Africa Continental Free Trade Agreement (AfCFTA) Secretariat, H.E. Wamkele Mene, to signify the beginning of a partnership which will facilitate trade among African Countries.
The Agreement which was signed during the launch of the AfCFTA Guided Trade Initiative which was also the celebration of the 2nd anniversary of the AfCFTA Agreement on Friday, October 7, 2022, at the McDan Private Jet Terminal in Accra, will grant McDan Shipping the opportunity to load and transport goods across AfCFTA member countries.
In light of this, McDan Aviation has acquired cargo planes and sea trade vessels to support the AfCFTA.
The Minister for Trades and Industry, Hon. Allan Kyerematen lauded the efforts of Dr. Daniel McKorley and indicated that the initiative that McDan has taken would go a long way to help the success of AfCFTA.
Hon. Alan Kyerematen encouraged Africans to celebrate McDan Group and charged other African businessmen to follow suit.
The Minister mentioned that the event signifies that AfCFTA is not only on paper but in action and averred that the launch of the initiative signifies that governments of Africa are giving way to the private sector to make it a reality in terms of implementation and institutions in Africa are up to the task.
Delivering his Speech, Secretary General of AfCFTA H.E. Wamkele Mene mentioned that in 15 years, AfCFTA would succeed in lifting many Africans out of poverty and hence, he encouraged Africans to support small businesses.
Most of the stakeholders thanked Dr McKorley for stepping up and thinking about a way to support AfCFTA. They emphasized on how AfCFTAhonoured and made a reality the vision of those who liberate Africa.
Trades Under AfCFTA
On the 1st of January, the AfCFTA Secretariat formally started trading under the AfCFTA agreement.
Since then, the Secretariat and State Parties have been working to put in place structures, procedures, processes, protocols, and documentation needed to enable the commencement of commercially viable trade among State Parties.
The Secretariat in collaboration with the National AfCFTA Coordination Office under the Ministry of Trade and Industry launched the AfCFTA Guided Trade Initiative which symbolise the commencement of commercially meaningful trade on a pilot basis between Ghana, Cameroon, Egypt, Kenya, Mauritius, Rwanda, Tanzania, and Tunisia.
These countries were selected to represent the five African Union regions, including Western, Central, Eastern, Southern and Northern Africa respectively.
The Guided Trade Initiative aims to test the readiness of participating state parties under the AfCFTA, demonstrate that the AfCFTA trading documentations are operational and viable, and confirm that the Customs and Revenue Authorities of the participating countries under the AfCFTA agreement are ready to process imports and exports.
Under the Guided Trade Initiative, Keda Ceramics of Ghana will export ceramic tiles to Cameroon.
Benso Oil Palm Plantation is also slated to export palm kernel oil to Kenya and Ghana will also receive approved goods from participating State Parties.
The Guided Trade Initiative is a very significant step towards realising the African dream of boosting trade with each other and developing closer economic ties among State Parties.
Following the official launch of the commercially meaningful trade, the National AfCFTA Coordination Office in collaboration with other Ghanaian agencies will be undertaking market expeditions to lead Ghanaian businesses to explore selected African markets to trade under AfCFTA.