Dr. Ernest Addison
Dr. Ernest Addison

The choice of Ghana as the host of the secretariat of the African Continental Free Trade Area (AfCFTA) will help it to achieve its vision of becoming the financial hub of the West African sub-region, Ghana’s central bank chief Ernest Addison

has said.

Business24

In a statement reaching Xinhua here on Sunday, Addison said Ghana had already started experiencing the movement of top-notch labor within the financial sector as a result of this development.

“We are lucky to have that secretariat located in Ghana. We already have a lot of regional banks in Accra, and we are already seeing some mobility of professionals between Nigerian banks in Ghana and their parent banks,” Addison said.

That labor mobility already happening in the financial sector, he said, was necessary to realize the vision of becoming the financial center of the sub-region.

“Similarly, the AfCFTA arrangements would help in preparations towards a future common currency for West Africa,” Addison added.

“The key thing is the need to remain competitive to be able to participate in intra-African trade. If you have all the policies and you are not competitive, you are not going to be able to take advantage of the free trade,” he said.

The leadership of the continental body, African Union (AU), agreed in July to make Ghana the host of the AfCFTA secretariat. Enditem

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