International Trade Expert and Senior Partner at AB and David, David Ofosu Dortey has charged private sector players to formalize their business strategies in line with government policies or risk losing out on the benefits of the African Continental Free Trade Agreement.
According to him, the implementation of the agreement leaves no room for informal operations, hence the need for proper alignment with government policies.
Speaking at the virtual sensitization seminar organized by the Ghana National Chamber of Commerce & Industry in collaboration with Joy Business on AfCFTA, Mr. Ofosu Dorety said “this will not be very helpful because you’ll just get carried along, so the strategy has to be formal. Now it need not to be very big but at least, some amount of it [strategy] needs to be formalized; and it is because the formalization helps you to recognize the level and territory within which you’re operating”, he noted.
Meanwhile, Chief Executive of Ernest Chemist, Ernest Bediako Sampong has expressed confidence that the opening up of new markets will help manufacturers increase employment since there will be more demand for products.
“We’re going to have transfer of technology and I’m sure companies like GSK and some of the other multinational companies will set up plants or collaborate with existing companies to enable them export to the sub-region. It is equally important for us because, there’s going to be the possibility of nursing securities.’
“Unfortunately, a lot of our nurses our exported but I believe that in time we are going to set-up vaccine factories. We are going to have an increase in industrial establishment because we are going to have bigger market, competition will be easier. At the same time, we forsee certain challenges, looking at the factories we have over here”, he emphasized.
The event was on the theme ‘adopting the right business strategies to fully benefit”.
Earlier this month, the Minister-designate for Trade and Industry, Alan Kyerematen said the successful implementation of AfCFTA would help build a strong foundation for an ‘Africa Beyond Aid’ agenda.
According to him, the removal of tariffs under AfCFTA would boost intra-African trade, stimulate investment and innovation, foster structural transformation, improve food security, enhance economic growth and export diversification.