Chief Executive Officer of the Association of Ghana Industries (AGI), Seth Twum Akwaboah, has welcomed the establishment of the National Development Bank.
According to him, the move will help improve access to credit to industries that demand it, particularly in this pandemic times.
Speaking at the launch of the 10th Ghana Quality Awards, Mr. Akwaboah revealed the need for government to prioritize the full recovery of local industries.
He further noted that, the presence of AfCFTA presents myriads of opportunities for businesses in Ghana.
“We experienced a drastic slowdown in business activity last year with the outbreak of the pandemic. The GDP growth of 0.9% for our manufacturing subsector is not the best. Considering the turbulence that our businesses went through, it has become expedient to adjust the dynamics of local and international trade, taking cognisance of the AfCFTA, which remains the largest single market.
“Against this background, I believe it is crucial that our businesses quickly adjust to keep wheels of businesses running. In this regard, AGI will like to see government prioritize its intervention to prop up industries.
“Efforts by government to setup the development bank is also very much welcomed by industries because access to credit and cost of credit remain a major challenge for most businesses, especially our SMEs. The African Continental Free Trade Agreement, considered as the flagship project under the AU Agenda 2063, has the potential of being one of the largest markets”.
Intervention programs by government
Additionally, the AGI Boss lauded efforts by government in hosting the AfCFTA Secretariat. That notwithstanding, he explained that, it is crucial for industries to get the needed support from government.
According to Mr. Twum Akwaboah, this will help add value to commodities of businesses for exports and develop human resource capacities. This, he explains, will help these businesses fully benefit from the AfCFTA.
“Even though the number of government programs to support industries are commendable; we believe the timeliness of the interventions make a big difference in resuscitating local businesses. I therefor urge government to expedite action of its Obaatampa CARES program to propel us to reach the opportunities of the CFTA. We are anxious to see how these initiatives can inure to the building of capacity of local industries”.
Ensure quality products in AfCFTA
On his part, the Director General of Ghana Standards Authority, Prof. Alex Dodoo, advised businesses to ensure delivery of quality products to remain competitive in AfCFTA.
He further urged businesses to enlist the help of the Authority in appraising their products to compete in the free trade.
“As of this year, we are trading among Africa. You can sell to South Africa and for the appropriate goods, you pay no tariffs, so now the door is opened. But one thing is not compromised, quality. I believe that Ghanaian companies can export to Africa and beyond, but we have to meet the needs of the market and that’s where quality comes in. I am looking forward to the GSA supporting industries to export.
“The AfCFTA market is supposed to be huge…. and we are hoping that Ghanaian companies will partner with AGI and with the GSA to be able to export. We are here to support industries to grow especially the micro, the small [and] the medium enterprises. You may think you cannot meet the requirements; our job is to help you meet it”.
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