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    Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

    Ghana sends debt restructuring proposal to official creditors

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    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

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    Ghana is the best destination for investment in West Africa – Bawumia

    African leaders urged to push for electronic cars over combustible automobiles 

    Modify old trade conventions to favor local printing firms – AGI tells govt

    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

    Re-consider computation of VAT for local industries- AGI tells govt

    IMF proposes acquisition, mergers of banks to mitigate financial sector instability

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Ghana’s oil reserve recording steady growth – GNPC CEO

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    #CitiBusinessFestival: Trust ecosystem needed to minimize e-commerce fraud – Benedict Bentil

    Citi Business Festival: Forum on Digital Economy comes off today

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    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

    MTN shareholders given choice to convert dividend or take cash

    Ghana gets $300 million from US to build first-of-its-kind data center

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Alhassan Andani urges businesses to innovate and take advantage of AfCFTA

byAnita Arthur Kissi-Mireku
September 14, 2020
in Business, Local Economy, Top Stories
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President of the Ghana Bankers Association, Alhassan Andani says Ghanaian businesses should be innovate in their operations to be able to expand their market base beyond the borders of the country.

This, he says, is not only necessary to ensure the sustainability of their businesses, but also to adequately benefit from the Africa Continental Free Trade Area (AfCFTA)

AfCFTA when in operation, is expected to address the challenges of small fragmented markets in Africa by creating a single market, and also increase the volume of trade within the continent by US$35 billion annually or 52 percent by 2022.

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This offers African businesses with an opportunity to implement forward-looking business decisions to maximize the benefits from the AfCFTA and integrate seamlessly within the regional and global value chains.

In an interview with Citi Business News, Alhassan Andai said Ghanaian businesses should take advantage of the latest technology to expand.

“Entrepreneurs should start to think big and implement, I just think that they should talk less and generate more ideas and take those ideas into products and services and sell it to the rest of the world”.

“So for entrepreneurs, it’s not about asking for government conditions, but it’s about having an idea and pushing that idea very hard. And now the African Continental Free Trade Area is coming, our market is opened within some bounds and other markets are also opened within some bounds, so our entrepreneurs should start to think big.”

He added, “Thank God for digital marketing now, I have met a lot of young and bright people in ICT who are coming out with brilliant fintech solutions like product distribution and market sizing and those services can instantly be rolled out to other African countries”.

Stakeholders within the business sector believe that the benefits of AfCFTA are significant.

The target market for the AfCFTA is projected to rise from an estimated 1.27 billion to 1.7 billion by 2030, out of which about 600 million will be in the middle class.

In terms of aggregate Gross Domestic Product (GDP), this will range from $2.1 trillion to $3.4 trillion. And in terms of investments and consumer spending, the AfCFTA is expected to attract an estimated $4 trillion.

 

 

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