Business News of Thursday, 10 June 2021
Source: www.ghanaweb.live
2021-06-10About 75 percent of agribusiness firms not aware of AfCFTA - GSS
GSS has assessed the impact of COVID-19 on agribusinesses in Ghana
• GSS has assessed the impact of COVID-19 on agribusinesses in Ghana
• The survey revealed only 25.6 percent of agribusiness firms are aware of the AfCFTA
• Very little is explicitly known on the pandemic's impact on agribusinesses, due to lack of data
The Ghana Statistical Service (GSS) has revealed that about
Read full article75 percent of firms in Ghana are not aware of African Continental Free Trade Area (AfCFTA) agreement.
This was contained in GSS's latest report which assessed the impact of COVID-19 on agribusinesses in Ghana.
The African Continental Free Trade Area (AfCFTA) started trading on January 1, 2021.
However, when firms were asked whether they are aware of the AfCFTA agreement, only 25.6 percent of agribusiness firms across all sectors are aware of the AfCFTA.
Agribusinesses comprise firms in the agriculture sector and those in the industry and service sectors that contribute to the agriculture production value chain.
Relatively agribusiness firms in the agriculture sector are highest (31.2%) in terms of those not aware of the agreement, followed by those in the industry sector (23.9%), and the services sector with 23.2% percent.
Leverage of AfCFTA by agribusiness firms
Out of the six supports that firms expect from the AfCFTA, the top three supports needed by the agribusinesses are an increase in information on business opportunities (24.7%), reduction in the cost of credit (20.6%), and removing policy or regulatory bottlenecks (16.3%).
The least support expected was digitization including improved internet connectivity of about 5.5 percent.
Agribusinesses play a critical role in the growth and development transitions of a developing country like Ghana. Typically, these comprise business activities that contribute to the food security and nutrition of the population.
Activities of agribusiness include the supply of agricultural inputs, the production and transformation of agricultural products, and their distribution to final consumers.
Notwithstanding their importance, relatively very little is explicitly known on the pandemic's impact on agribusinesses, due to lack of data to address the challenges arising from the effects of the pandemic.
Below is the full report:
