International Trade Expert and Senior Partner at AB and David, David Ofosu Dortey has charged the private sector to formalize their business strategies in line with government policies or lose out on the benefits of the African Continental Free Trade Agreement (AfCFTA). 

According to him, the implementation of the agreement leaves no room for informal operations, hence the need for a proper alignment with government policies. 

Speaking at the virtual sensitization seminar organized by the Ghana Chamber of Commerce and Industry in collaboration with Joy Business on the African Continental Free Trade Agreement, Mr. Ofosu Dortey said “if you don’t formalize your business, it 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 needs to be formalized.”

“It is because the formalization helps you to recognize the sector 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 many opportunities”

“I believe that with 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 and competition will be easier. At the same time, we forsee certain challenges, looking at the factories we have over here”, he added.

The event was on the theme ‘adopting the right business strategies to fully benefit”.

Earlier this month, the Minister-designate for Trade and Industry, Mr Alan Kyerematen said the successful implementation of the Africa Continental Free Trade Area (AfCFTA) would help build a strong foundation for the ‘Africa Beyond Aid’ agenda.

He said 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.