88% of Small and Medium Scale Enterprises across the country do not have international certification to take advantage of the African Continental Free Trade Area (AfCTFA).
This is according to a research findings conducted by CUTS International and GIZ Ghana.
According to Head of Research at CUTS International, Isaac Yaw Obeng, this will be a barrier to local businesses.
Speaking at a Public-Private Dialogue on the Private Sector Role and Participation in the African Continental Free Trade Agreement, he said most SMEs lack the capacity to reach out to partners across the world.
39% of SMEs use emails to connect and only 29% of them have a website to connect to customers”, Mr. Obeng mentioned.
On financial services, the findings showed that 70% of the small enterprises operate using bank accounts from respective banks across the country.
“Over 70 percent of them use bank accounts which I think is good news for us and we hope they continue that way”, he stated
On his part, the West African Regional Director for CUTS International, Appiah Kusi-Adomako said the SMEs space needs a robust management system
“Ghanaian SMEs are doing a great job, but in fighting for the AfCFTA and benefiting from it, I think it’s time they try to devise strategies to benefit from the AfCFTA. The government must also step in and support them in this quest”, he said
The findings are to improve the framework conditions to unlock the potential of the African Continental Free Trade Agreement for small and medium enterprises in Ghana.
Small Scale Enterprises in particular are being urged to build their capacities to be able to trade effectively and efficiently by the time trading under AfCFTA swings into full gear.
Latest Stories
-
Paris 2024: Opening ceremony showcases grandiose celebration of French culture and diversity
3 hours -
How decline of Indian vultures led to 500,000 human deaths
3 hours -
Paris 2024: Ghana rocks ‘fabulous fugu’ at olympics opening ceremony
4 hours -
Trust Hospital faces financial strain with rising debt levels – Auditor-General’s report
4 hours -
Electrochem lease: Allocate portions of land to Songor people – Resident demand
4 hours -
82 widows receive financial aid from Chayil Foundation
5 hours -
The silent struggles: Female journalists grapple with Ghana’s high cost of living
5 hours -
BoG yet to make any payment to Service Ghana Auto Group
5 hours -
‘Crushed Young’: The Multimedia Group, JL Properties surprise accident victim’s family with fully-furnished apartment
5 hours -
Asante Kotoko needs structure that would outlive any administration – Opoku Nti
6 hours -
JoyNews exposé on Customs officials demanding bribes airs on July 29
6 hours -
JoyNews Impact Maker Awardee ships first consignment of honey from Kwahu Afram Plains
7 hours -
Joint committee under fire over report on salt mining lease granted Electrochem
7 hours -
Life Lounge with Edem Knight-Tay: Don’t be beaten the third time
8 hours -
Pro-NPP group launched to help ‘Break the 8’
8 hours