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    Small and Medium Enterprise Need Policy Support to Compete in African Continental Free Trade Area – Report

    Posted On 02 Nov 2020
    By : New Africa Business News, Staff Correspondent
    Comments: 8

    By Richard Adorsu-

    Photo Credit: iStock

    NEW AFRICA BUSINESS NEWS (NABN) Accra, Ghana– A research report has recommended policy support for Small and Medium Enterprises (SMEs) to be competitive in participating in the African Continental Free Trade Area (AfCFTA).

    The report said the support should focus on cheaper and more innovative trade finance products, trade policy, trade infrastructure, improved capacity, trade information and facilitation, market access for growth and expansion of SMEs in the country.

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    Ghana was selected as the country to host the secretariat of the AfCFTA, which starts in 2021. The AfCFTA provides the opportunity for Africa to create the world’s largest free trade area, with the potential to unite 1.3 billion people, in a $2.5 trillion economic bloc in ushering in a new era of development.

    Dr. Samuel Frimpong Boateng, the Lead Consultant for the Research made these recommendations at a stakeholder workshop on the report titled “Mobilizing Diagnostics Data to Inform Bottom-Up Decisions on Government Policies.”

    The report was conducted by the Ghana National Chamber of Commerce and Industry (GNCCI) with support from BUSAC Fund. The criteria for the methodology included a minimum of three years reporting of financials, evidence of business operations, business nationality; satisfactory information for valuation, and industry type.

    The report recommended that SMEs should be furnished with a more proactive policy environment and be encouraged to re-invest with cheaper capital for faster growth and expansion. This, the report said, required that enterprises created more value by adopting more innovative ways to seal off operational leakages, manage and mitigate risk exposures to balance sheet leverage, industry and product cycles, as well as weaknesses in business models.

    The report recommended that Government, together with local and international partners, worked together to ensure that the growth-potential of SMEs were nurtured and transitioned into value-driven ones to ensure sustainability.

    On the findings, Mr. Boateng said the overall analysis suggested that the business growth of enterprises was relatively less stable and more sensitive to economic cycles.

    It also revealed that most of the growth-resilient industries were in the manufacturing sector, followed by professional services, and education.

    Mr. Clement Osei Amoako, President of GNCCI stated that an evidence-based advocacy approach would equip the Chamber with business and industry insights to shape government’s policies and programmes as well as multilateral support in ensuring a conducive business climate.

     

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    AFRICAN CONTINENTAL FREE TRADE AREA (AfCFTA)
    Accelerating Intra-African Trade and Boosting Africa’s Trading Position in the Global Market by Strengthening Africa’s Common Voice and Policy Space in Global Trade Negotiations. For More Information Contact: African Union Headquarters, P.O. Box 3243, Roosvelt Street W21K19, Addis Ababa  Ethiopia,  Tel: +251 11 551 77 00  Fax: +251 11 551 78 44.

     

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    For New Africa Business News Richard Adorsu Reports,  Africa Correspondent

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    8 Comments

    1. Rabat November 2, 2020 at 2:02 am Reply

      The report set light to our Small and Medium size companies anticipate participation to the continent free trade. Of course they might need some form of financial and logistic assistance. Rabat Morocco. Karim

      • New Africa Business News, Staff Correspondent November 2, 2020 at 2:04 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Julie November 2, 2020 at 2:13 am Reply

      We are all waiting for the continental free trade in our continent and by removing all these colonial borders, that has never being in Africa before our northern neighbors came in our continent. Africa without internal borders. Great for all our great people. We are getting their. Thank you for reporting. Nairobi Kenya. Julie

      • New Africa Business News, Staff Correspondent November 2, 2020 at 2:15 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Louise November 2, 2020 at 2:24 am Reply

      Thank you for reporting. The least that we the readers can do is to click on to the advertisements of this great online newspaper. Thank you, again. Cape town, South Africa. Louise

      • New Africa Business News, Staff Correspondent November 2, 2020 at 2:26 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Mike November 2, 2020 at 2:30 am Reply

      I would definitely support this online newspaper by clicking on the ads and I know millions will. Thank you. Lagos, NIGERIA. Mike

      • New Africa Business News, Staff Correspondent November 2, 2020 at 2:31 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

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