The Chief Executive Officer of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu Aboagye, has called for enhanced collaboration and a strategic plan from stakeholders in the country to enable Small and Medium-sized Enterprises (SMEs) to take full advantage of the Africa Free Trade Continental Agreement (AfCFTA).
According to him, the opportunity for Ghanaian SMEs to participate in the AfCFTA initiative should be seen as a big win and a huge opportunity to reach the international market with their goods and services.
Speaking on the virtual forum of the Citi Business Festival on Citi TV, Mr. Badu Aboagye explained that his “greatest excitement” about the AfCFTA is the opportunity for SMEs to engage in international trade, but also cautioned that there should be a “strategic and concerted effort to develop businesses in Ghana” by all the relevant stakeholders.
“The greatest excitement for me is that our SMEs can participate in international trade because SMEs on their own are too small, and it’s extremely difficult to participate in international trade. Their scale is low, they don’t have the capacity, they don’t have information on the trading platforms, but with the AfCFTA, SMEs can participate by being part of the value chain.”
Despite the huge opportunities AfCFTA provides, Mr. Aboagye said SMEs would have to put in their best to be able to rake in such benefits from the pact and be able to actively and efficiently engage in international trade.
“It is very good and provides great opportunities, but I keep on saying that the benefits from AfCFTA would not be automatic. There should be a strategic and concerted effort to develop the businesses in Ghana to be able to benefit from AfCFTA. We don’t have to do things business as usual,” he opined.
This week’s Citi Business Festival was on the theme; “Preparing and positioning for the AfCFTA opportunity‘’.
The Citi Business Festival is an extensive program of business events and on-air activities providing inspiration, business ideas, and information to persons who are starting, building, or growing their businesses.
The virtual business fora are live on Citi TV every Tuesday from 11:00 am to 1:00 pm.
The radio on-air series is themed to correspond with the various virtual forums at 9:20 am every weekday.
The Citi Business Festival is sponsored by Absa Bank Ghana with support from IT Consortium and the Ghana Investment Promotion Centre (GIPC).
It is also powered by Citi FM, Citi TV, and Ghana’s most comprehensive business news website, www.citibusinessnews.com.