Monrovia, Liberia – The Government of Liberia, in collaboration with the International Trade Center (ITC), has initiated a two-day awareness and capacity-building workshop aimed at key stakeholders regarding the Africa Continental Free Trade Agreement (AfCFTA). The program, running from October 14 to 15, seeks to equip public and private sector participants with essential knowledge and skills to capitalize on the opportunities the AfCFTA presents, significantly impacting the country’s socio-economic development.
At the workshop’s opening, Acting Minister of Commerce and Industry, Hon. Scholastica T. Nimely, emphasized the event’s significance as a demonstration of President Boakai’s administration’s commitment to regional integration and economic growth through the AfCFTA.
“The AfCFTA is a monumental initiative that promises to transform Africa’s economies by promoting closer integration and boosting intra-African trade,” Minister Nimely stated. “For Liberia, this agreement presents a unique opportunity to diversify our economy, enhance our export capabilities, and create jobs, particularly for women and youth.”
Minister Nimely reiterated the Ministry’s dedication to aligning the country’s regulatory frameworks with AfCFTA protocols and fostering private sector growth. She highlighted the Ministry’s development of an AfCFTA National Implementation Strategy, supported by partners like the United Nations Economic Commission for Africa (UNECA) and UNDP. This strategy outlines a roadmap for Liberia’s active participation in the continental free trade area, focusing on inclusion for women and youth in trade, supporting small and medium-sized enterprises (SMEs), and creating a favorable environment for business growth.
The AfCFTA, established in 2018, aims to create a single market for goods and services across 54 of the 55 African Union member states. The agreement seeks to reduce tariffs by 90%, eliminate trade barriers, and facilitate the movement of goods, services, and investments across Africa. With a combined market value exceeding $3 trillion, the AfCFTA is expected to boost intra-African trade by $450 billion by 2025, lifting an estimated 30 million people out of extreme poverty.
This initiative offers Liberia a critical opportunity to expand its trade landscape beyond traditional partners, especially in agriculture and mining, and to access larger markets across Africa, increasing export potential and attracting foreign investment. The full implementation of the AfCFTA could be transformative for Liberia’s economy, stimulating industrialization and attracting foreign direct investment as companies seek access to a broader market.
The ongoing workshop is part of a broader strategy by the Ministry of Commerce and the ITC to prepare businesses and stakeholders to maximize the benefits of the AfCFTA. This includes additional training sessions, policy consultations, and awareness campaigns focused on the technical aspects of the agreement, trade facilitation, and export development strategies.
Mr. Aklile Mitiku Habtemariam, Programme Portfolio Manager for Liberia at the ITC, remarked on the workshop’s alignment with recent governmental efforts to engage the private sector on important AfCFTA implementation issues. He noted that the activities are funded under the Interim Facility project of the Enhanced Integrated Framework (EIF) program, aimed at accelerating Liberia’s trade integration for improved economic growth.
The EIF’s principal objective is to strengthen the trade environment, enhance development support services, and foster partnerships for Liberia. Specifically, it aims to bolster the Single Project Implementation Unit at the Ministry of Commerce and Industry, support policy-level engagement related to the AfCFTA, and facilitate expanded aid for trade support to stimulate economic growth through trade.
