Herbert Krapa, the deputy minister of trade and industry, has revealed that by 2030, Africa will be able to produce 5 million new cars annually.
He believes that this will materialize once the African Continental Free Trade Area is established (AfCFTA).
Herbet Krapa urged businesses on the continent to take advantage of the opportunities provided by the Continental Free Trade Area while speaking at the Ghana-Denmark Business Forum.
The Ghana Investment Promotion Centre (GIPC) tweeted, “By 2030, Africa can generate 5 million new vehicles every year, thanks to the AfCFTA,” which GhanaWeb was able to see.
“We must create, build, develop and maintain long-lasting partnerships to leverage the opportunities presented by the AfCFTA,” part of the tweet read.
AfCFTA was introduced in 2018 and aims at creating a single market for Africa, as well as, ensuring the free movement of goods and services on the continent.
This free movement of goods and services will help expand Intra-African trade.
This implies that goods will be sold at a relatively cheaper price because of the increase in production which will in turn create both direct and indirect jobs for the teeming unemployed youth.
The free trade area also provides traders and/or importers an opportunity to stay competitive.
Businesses when conducted in a free and safe environment will help reduce poverty in member states as well as create sustainable development.