The Ghana International Trade and Finance Conference (GITFiC) has inaugurated the Kwame Nkrumah University of Science and Technology (KNUST) Chapter of the GIFTIC-AfCTA Tertiary Student Club on 8th March 2024 at the KNUST School of Business.
The GITFiC AfCFTA Tertiary Students Club serves as a platform for students, faculty members, and researchers to sensitise, and collaborate on issues about regional integration, trade policies, economic development, and related themes within the context of the AfCFTA. Through a multidisciplinary approach, the club aims to explore the multifaceted dimensions of the AfCFTA, encompassing trade dynamics, legal frameworks, socio-economic impacts, and opportunities for sustainable growth across African nations.
The Chairman of the GITFiC AfCFTA Tertiary Students Club, Dr. Edwin Alfred N.O Provencal, noted that the occasion marks the beginning of a new chapter in the journey towards fostering economic integration, collaboration, and empowerment within the university communities.
He noted that AfCTA stands as a historic accord designed to cultivate economic integration, encourage intra-African trade and unleash the vast potential inherent within economies. Therefore, he reaffirmed their dedication to actively involve and empower the forthcoming cadre of leaders and intellectuals and solicited the support of faculty members in providing research opportunities, and practical engagements with issues related to trade, commerce, and economic development. He also urged the students to embrace this opportunity with enthusiasm, and curiosity to showcase a commitment to excellence.
Mr. Bernard Yaw Afreh, from the Ghana International Trade Commission, gave a lecture on empowering the university community with the vision of the African Continental Free Trade Area (AfCFTA). He highlighted that AfCFTA, established in 2018, aims to create a single African market to boost intra-Africa trade, which currently stands at 12%, contrasting with higher levels in other regions like intra-EU trade at 68%. The agreement sets tariffs at 90% for non-sensitive products, with implementation measures including the establishment of a Secretariat in Accra, Ghana, and the designation of July 7 as "African Integration Day". The initiative involves eight countries and focuses on priority products, covering areas such as tariff concessions, rules of origin, customs cooperation, trade facilitation, and more.
The Provost of the College of Humanities and Social Sciences, Professor Charles O. Marfo, expressed his satisfaction about students joining the club. He was of high hope that such initiative would raise a high cadre of entrepreneurs and encourage more students to venture in entrepreneurship.
The executives of the newly inaugurated Chapter were sworn into office, pledging to contribute their best efforts to advance the Club's objectives and empower students in trade, commerce, and economic development.
AfCFTA is an initiative to create a single market in Africa with a population of 1.3 billion people with a combined Gross Domestic Product of $3.4 trillion.
