President William Ruto has reiterated the importance of intra-African trade in the continent.
In his keynote address, while visiting the Africa Continental Free Trade Area Secretariat in Accra, Ghana on Wednesday, he stated that the intra-African trade is currently at low levels compared to other regions.
"Intra-African trade is at an alarmingly low 15 per cent compared to the European Union's over 70 per cent or North American Free Trade Area's 59 per cent," Ruto stated.
The Head of State also highlighted the efforts being made to address this disparity, with regional economic blocs and initiatives like the AfCFTA playing crucial roles.
"The good news is that something is being done. Africa's regional economic blocs are increasingly trading with and among themselves, with the East African Community leading the way," Ruto added.
The Head of State acknowledged that continentally, the African Union has set up AfCFTA as a flagship agency of AU's Agenda 2063, and whose mandate is to further trade integration in the continent and eliminate trade barriers.
Expressing his full support for the AfCFTA, President Ruto emphasized Kenya's readiness to integrate Africa's financial sector and expedite the operationalisation of policy and research development initiatives.
"Africa is well poised to be a single market that is globally competitive," he noted.
President Ruto was warmly welcomed by the AfCFTA Secretary General Wamkele Mene.
Secretary General Mene commended President Ruto for his exemplary leadership, particularly in advancing inclusivity and economic integration across Africa.
"President Ruto has demonstrated commendable leadership in ensuring progress on the continent, especially in matters about inclusivity in integrating our economies," he added.
Mene said that under Ruto's leadership, Kenya has become a very important destination for import and export.
As a result, the SG noted that AfCFTA shares Ruto's commitment to creating inclusive benefits of a national economy and to creating opportunities for SMEs and for the youth.
"This is why we are taking concrete steps to make sure that the Protocol on Digital Trade and the Protocol on Women and Youth in Trade, are fully implemented resulting in an inclusive economy, inclusive trade, eliminating barriers to trade for young people in Africa as well as SMEs," Mene added.
The African Continental Free Trade Area is a game-changing initiative that creates a unified market for goods and services across the African continent.
It also aids in the movement of goods and services across the African continent without restrictions.
The AfCFTA is the world's largest free trade area bringing together the 55 countries of the African Union (AU) and eight Regional Economic Communities (RECs) to create a single market for the continent.
This is President Ruto's first visit to Ghana since he took over the presidency in September 2022.
On Wednesday, Kenya and Ghana signed seven agreements aimed at enhancing bilateral ties between the two countries.
President Ruto said the MoUs, including some signed by business associations from Kenya and Ghana, are aimed at facilitating trade and investment between the two nations.
Other MoUs include cooperation in science and technology, tourism, education, governance and defence.
