Take advantage of the AfCFTA to grow your business – MSMEs are invited
Selected Micro, Small and Medium Enterprises (MSMEs) in Sagnarigu Municipality in the Northern Region have received training on how to trade under the African Continental Free Trade Agreement (AfCFTA).
The training was part of efforts to empower businesses to take advantage of the opportunities offered by the AfCFTA.
Organized by the AfCFTA National Coordinating Office (NCO) in partnership with the United Nations Development Program (UNDP), participants completed modules such as access to capital, business ethics, transparency and financial analysis.
MSMEs formed the backbone of Ghana’s economy, accounting for over 90% of private enterprises and employing approximately 72% of women and youth in the informal private sector and 68% in the formal private sector.
According to the UNDP, more than 70% of cross-border traders were women and young people, most of whom have been significantly and negatively affected by the COVID-19 pandemic. This was revealed by a COVID-19 Business Tracker survey, conducted by the Ghana Statistical Service supported by UNDP and the World Bank to determine the impact of the pandemic on their operations.
The AfCFTA therefore offers opportunities for MSMEs to create a single continent-wide market and improve competitiveness at the enterprise level.
In his remarks, the Northern Regional Trade and Industry Officer, Hamidu Hamza Saana, said the AfCFTA presented huge opportunities for SMEs to connect to regional markets and deepen their integration into the market. single African, which allowed exporters to trade from afar.
He noted that the government, through the Ministry of Trade and Industry, was putting in place policy reform measures to encourage the private sector to invest in industrial enterprises, create more jobs and promote intervention in favor of innovation and entrepreneurship.
“To this end, the Department of Trade and Industry is implementing a Ten Point Plan (TPP) to support investment in key strategic and productive sectors. A key component of the TPP is the Regulatory Reform Program designed to improve the business environment and make Ghana one of the best countries to do business in Africa,” he said.
A UNDP partnerships officer, Edem Attor, expressed the programme’s commitment to helping the government build a sustainable and resilient economy.
A program manager at NCO, Divine Kutortse, said that “competitive youth-led enterprises have the potential to create more and better jobs, and to foster the production and trade of diverse goods and services across the continent, which on the one hand promotes access to a wide range of goods and services and increased incomes, ultimately improving the lives of Africans”.