By Kodjo Adams, GNA
Accra, Nov 22, GNA - Mr David Ofosu-Dorte, Senior Partner, AB and David Law has advised Ghanaians businesses to be competitive to maximise the full benefits of the African Free Continental Trade Area (AFCFTA).
"To be “business Competivene" means having low cost of power with competitive price, tariff free and duty free exports, quality goods and services, good market share in local and international and political competitiveness", he explained.
Mr Ofosu-Dorte said this in Accra at the 30th anniversary celebration of the Africa Industrialisation Day on the theme “ Positioning African Industry to Supply the AFCFTA Market”.
He challenged the private sector to take advantage of the free trade to position their products in the emerging markets, stressing that trade was largely done by the private sector, while government role was more of a regulator.
According to Mr Ofosu-Dorte, Africans had become a strategy for other countries to do businesses, adding that it was imperative for African countries to have a strategic direction on trade related policies and take advantage of the free market.
“Being competitive means adding value to our raw resources, which would inure to our benefits to be able to up-scale and create the needed employment for the teeming youth in Africa”.
He said the operationalisation of the free market would lead to larger market, duty free exports, value addition opportunities and integrated Africa businesses for socio-economic development.
Countries like Mauritius, South Africa, Seychelles, Morocco, Tunisia, Botswana, Algeria, Kenya, Egypt and Namibia are among the most competitive countries prepared to take advantage of the free trade markets.
He urged businesses to upgrade their products in terms of quality standards and be able to expand production to be competitive and meet other markets within the continent.
"We need political competitiveness of industry. The private sectors must lobby government to fully benefit the gains associated with the free trade markets”, he added.
However, agriculture represents 15 per cent of the continent's Gross Domestic Product. The sector is projected to generate about $100 billion per annum.
Under the free trade markets, the urban food market is expected to generate $150 billion by 2030.
Mr Patrick Nimo, the Chief Director, Ministry of Trade and Industry said the free trade system would increase intra-Africa trade and address the fragmented nature of market by removing barriers like tariffs that inhibited free movement of goods.
"To harness the full benefits of the system, member states are required to implement programme of action including; trade policy, trade finance, trade information and market integration".
He said the country started with interventions like one district one factory, Small and Medium Enterprises development and custom management reforms to industrialise its produce for sustained growth.
Ms Rukia Yacoub, the UN Resident Coordinator said their outfit would support government to ensure a successful trade facilitation spearheaded by Ghana.
He urged government to create the enabling environment to attract foreign investors, make businesses thrive and as well enhance domestic revenue.
GNA
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