The African Continental Free Trade Area (AfCFTA) was established to accelerate trade and boost Africa’s trading position in the global market by strengthening Africa’s common voice and policy in global trade negotiations. Sam Jonah, a businessman has stated that Ghana fell short on almost all the competitive indicators used in the AfCFTA although its implementation in Ghana was successful. His statement he said was based on research conducted by “Konfidants”, a research and advisory firm.
In his argument, Mr. Sam Jonah posited that Ghana, according to the reports of the research, has fallen short in terms of productivity capacity, credit and power, customs efficiency, trade logistics and dependency on foreign input. It is therefore important that there is restructuring in the Ghanaian economy to record future economic strides.
Mr. Sam Jonah argued that Ghana must correct the narrative that gives foreign investors an upper hand in the Ghanaian economy.
“Investment is like a beauty pageant. The reward goes to the country which is adjudged to be the most attractive as an investment destination” he remarked.
It is his opinion that for a transformation from a weak economy to a healthy one, we must re-evaluate the structure of our economy. Take a look at the major drivers of the Ghanaian economy – the financial sector, the mining sector, construction of major projects, telecommunications, oil and gas, insurance, etc. These are predominantly foreign-owned while Ghanaians own little in these sectors.