Ghanaian businesses need adequate education, capacity building to leverage AfCFTA market – Economist

Rev Dr Worlanyo Mensah, Economist and Executive Director, Centre for Greater Impact Africa (CGIA), said Ghanaian businesses need adequate education and capacity building to invest in specific market opportunities the AfCFTA presents.

He said despite the market’s combined GDP of approximately US$3.4 trillion and 1.3 billion people, most businesses had been struggling to understand how to penetrate the market, know the key areas of trade and investments.

“Citizens and the business communities are not receiving the needed education they ought to get to explore AfCFTA in its fullest. The focus should not only be on the publicity but the education on how to explore the opportunities,” Rev Dr Mensah said.

He said this during the 10th public lecture on trade and business organised by Centre for Greater Impact Africa under the topic: “Continental Trade and Ghanaian Business Community.”

The Executive Director said Government Ministries, Departments and Agencies (MDAs), trade associations and agencies responsible for promoting trade and investments must collaborate with private sector to take education to the doorsteps of Ghanaian businesses.

He called on businesses to develop their capacities in research, build up marketing departments that to identify countries with their needs, the quantity to produce and the channels to use for distribution.

“Businesses that could not do research, should contract researchers in the fields of trade and investments to do so, create innovative ideas and policies for them,” he said.

Rev Dr Mensah said businesses must employ technology as key driver from manufacturing to distribution especially robotic technology and artificial intelligence to scale up industrialisation.

Dr Forgive Kwadamah, Lecturer Finance and Banking, College of Distance Education, University of Cape, said government must help tackle the issues of infrastructure, regulations and finance and encourage innovation.

He Ghana’s participation in AfCFTA will reduce cost of production in the Ghanaian business community and would improve the bottom line of businesses.

“Our participation will strengthen the Cedi and give the business communities value for money. AfCFTA is capable of redeeming the Ghana Cedi from its perennial depreciation,” Dr Kwadamah.

He said intra-Africa exports were woefully 16.6 per cent of the entire export in 2017, juxtaposed to 68.1 per cent in Europe, 59.4 per cent in Asia, 55 per cent in America and 7 per cent in Oceania.

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