Local players in the Ghanaian oil and gas sector have been advised to strategically position themselves, in order to benefit from the African Continental Free Trade Area.
According to deputy energy minister Mohammed Amin Adams, collaborations and joint ventures among local companies will make them competitive for the market.
The AFCFTA is expected to enlarge markets and diversify exports, particularly manufactured goods.
According to US-based think tank, the Brookings Institute, intra-African trade stands at about 14%, as compared to the higher trade among European countries which is at 69%.
It is expected that the African free trade area will boost trade across the continent by 52% by 2022 .
With the seeming current “trade war” ongoing involving Ghana, Nigeria and other neighbouring countries, there’s is fear that some countries may lose out on the benefits of the trade.
Deputy energy minister Mohammed Amin Adams is of the view Ghanaian companies can benefit from the agreement, through strategic partnerships
“We cant deny the fact that the AFCTA is here with its blessings and challenges. It behoves on Ghanaian players in the oil and sector, to form good alliances to remain competitive,” he advised .
He has assured industry players of increased investment in the sector, to boost productivity.
“In the 2020 budget, presented last week, we have allocated some funds to this sector. We want to ensure that the IGCs are benefitting from these investments”, he added .
The Minister was speaking at the 2019 edition of the Local Content conference and exhibition organised by the Petroleum commission.
By Grace Asare | 3news.com | Ghana