Tsonam Cleanse Akpeloo, the Accra Regional Chairman of Association of Ghana Industries (AGI), stated that it is important for the private sector to develop a deliberate strategy to grow under the African Continental Free Trade Area (AfCFTA).
Mr Tsonam, thus, called for strategies to help find pathways to grow businesses towards the Africa Continental Free Trade Area Agreement (AfCFTA). He also added that with the businesses catching up with AfCFTA in the country, they will soon start reaping the benefits of AfCFTA.
“It is significant that we develop a well-planned and deliberate strategy and combine their entrepreneurial and industrial efforts to reap the prosperous fortunes the AfCFTA presents.”
Tsonam Cleanse Akpeloo
Meanwhile, according to Mr Tsonam, the Association of Ghana Industries believes that the main challenge facing the industry currently is access and cost of capital for businesses. He however, commended the government of Ghana for setting up development bank to support private sector growth.
“We are also aware that the government is coming up with the establishment of a Developing Bank to support industries, and I think it is a great intervention for industrial growth.”
Tsonam Cleanse Akpeloo
Mr. Tsonam, further noted that the past year has been particularly challenging on the account of the unexpected and ravaging effect of COVID-19, which has engulfed the entire world with its resultant negative consequences on businesses and all aspects of life.
However, the Regional Chairman asserted that prior to the COVID-19, AGI acknowledged the relative stability that was experienced in the macro-economic environment, with a consistent reduction in the policy rate, gradual fall in inflation levels and exchange rates hovering within reasonable limits.
”…these were all good indicators of recovery and improvement in the macro-economic environment which will have been great to usher us into the AfCFTA threshold. Then suddenly, the COVID-19 surfaced”.
Mr Tsonam also noted that AGI completed a comprehensive study on the impact of COVID-19 in the latter part of 2020. He revealed that according to the study, over 80 per cent of their members have been affected by the pandemic.
“Then we were fortunate for the government to relieve industry by providing the stimulus for businesses affected by COVID-19.”
He therefore, assured the industry players that as a leading private sector advocate in the country, AGI would continue to engage government and stakeholders on issues that affected industries but more importantly, develop programmes and systems that would help members to compete globally.
In addition, the Regional Chairman hailed government’s continuous involvement in AfCFTA programme and stated that it would enhance competitiveness at the industry and enterprise level through the exploitation of opportunities for large scale production, continental market access and better reallocation of resources.
“It is very important to state that AfCFTA is constantly featuring in every aspect of government strategy on industrialization in terms of the policy making and agenda-setting and so on.”
Tsonam Cleanse Akpeloo
Meanwhile, the African Continental Free Trade Area (AfCFTA) is flagship project of the African Union’s Agenda 2063, a blueprint for attaining inclusive and sustainable development across the continent over the next 50 years. It aims to boost intra-African trade by providing a comprehensive and mutually beneficial trade agreement among the member states, covering trade in goods and services, investment, intellectual property rights and competition policy.
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