Ghana's maritime sector is poised for transformation, thanks to Dr.
Daniel McKorley's visionary leadership.As a renowned logistics expert and Executive Chairman of McDan Group of Companies, his ambitious plan to establish a new harbour at Ada in the Greater Accra Region of Ghana has far-reaching implications for Ghana's economy and the African Continental Free Trade Area (AfCFTA).The Benefits of a New HarborThe construction and operation of the new harbor will unlock significant economic benefits:- Job Creation: Generating numerous employment opportunities, stimulating local economies, and improving livelihoods. - Trade and Industry Growth: Attracting international shipping lines, increasing trade volumes, and growing export-oriented industries. - Foreign Direct Investment: Boosting the overall economy through significant foreign investment. - Tourism Development: Enhancing maritime tourism, drawing visitors, and generating revenue.Boosting Intra-African Trade through AfCFTAThe new harbor will provide a strategic location for trade, enabling Ghana to become a hub for intra-African trade.
With the AfCFTA:- Intra-African trade is expected to increase by 52.3% once import duties and non-tariff barriers are eliminated. - Ghana's economy will benefit from increased trade, creating jobs and stimulating local economies. - The harbor will attract foreign direct investment, essential for Africa's economic development.Increased Foreign Direct InvestmentThe new harbor will attract foreign direct investment, which is essential for Africa's economic development.
According to the World Bank:- The AfCFTA could increase foreign direct investment by between 111% and 159%. - This influx of investment will bring jobs, expertise, and technology, helping African companies join regional and global value chains.Improved CompetitivenessThe harbor's state-of-the-art infrastructure will enable Ghana to compete more effectively with other regional trade hubs.