The Head of Strategic Communications at Ghana’s National Coordinating Office of Africa Continental Free Trade Area (AfCFTA), Catherine Afeku, has revealed that the implementation of AfCFTA will help fix the challenges of SMEs in the country.
According to her, the move has led to about 2000 Ghanaian companies applying for support from the Ministry of Trade and Industry. Mrs Afeku explained that 180 out of the 2,000 Ghanaian companies have been selected to receive aid from the Ministry of Trade and Industry to export under AfCFTA.
Catherin Afeku indicated that the support which comes from the Ministry of Trade and Industry’s Facilitation Programme, will enable Ghanaian companies and small businesses exporting under AfCFTA to fully participate in the single continental market.
“The implementation of AfCFTA will help to fix the challenges of Small, Medium Enterprises, add value to Africa’s abundant natural resources, provide a boost in Intra-Africa trade and ultimately, promote economic diversification and industrialization. We are more interested in ensuring that Small, Medium Enterprises gain maximum knowledge on the biggest trade deal which will also benefit the country”.
Catherine Afeku
Following this, she called on the media to effectively collaborate with the government in deepening the knowledge on AfCFTA.
“Your roles as media could help small scale businesses to have a better understanding of the free trade protocols and the opportunities that comes with AfCFTA”.
Catherine Afeku
Stakeholders discuss potential of AfCFTA for SMEs
In November last year, as part of helping SMEs under AfCFTA, a stakeholder consultation aimed at improving framework conditions to unlock the potential of AfCFTA for Small and Medium Enterprises (SMEs) in Ghana was held. Addressing participants, Mr Imran Shams Kwakye, Vice Chairman of the Chamber of Commerce and Industry, revealed that the economies of Africa were driven by the efforts of the private sector, especially the SMEs for which reason the AfCFTA would bring huge benefits to the economy of Africa.
The private sector, he indicated accounts for over 80 per cent of total production and provides jobs to about 90 percent of the employed working age population.
Mr Kwakye expressed that it was imperative that leaders and implementers of the AfCFTA paid particular attention to the right structures and policies that would accelerate the growth of SMEs. He intimated that for AfCFTA to live up to its full potential, SMEs in Ghana would require massive support to compete with their counterparts within the sub region.
The Chamber, Mr Kwakye explained, had responded by building the capacity of its members in readiness for AfCFTA in areas such as, proper bookkeeping, legal education on company law, negotiation and alternative dispute resolution. He underscored that SMEs were faced with challenges that hindered their opportunities to excel.
“A host of factors such as, access to finance, high lending rates, high cost of utilities especially energy, structural development such as, roads continued to be stumbling blocks to our growth thereby limiting our ability to take full advantage of the opportunities under AfCFTA”.
Imran Shams Kwakye
Mr Kwakye commended the leadership and team of Consumer Unity and Trust Society (CUTS) Africa and their funding partners the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), as well as other supporting institutions such as, the Ghana National Chamber of Commerce and Industry for the initiative.
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