The Association of Ghana Industries (AGI) says Small and Medium-scale Enterprises (SMEs) that makeup 80 per cent of the economy have built resilience over the years and are prepared to take advantage of the African Continental Free Trade Agreement (AfCFTA).
SMEs will have a huge role to play as the continental programme takes off.
Vice President in charge of SMEs at AGI, Hamphey Dake, says the National Board for Small Scale Industries (NBSSI) have supported the capacity building of the SMEs.
“It is quite exciting to see what government is doing regarding converting the NBSSI to an authority so as to leash out managerial support to SMEs.
“Generally the Ghanaian economy undoubtedly is about 80% of SMEs and there are essential products that are imported to this country by about 20% of the business entities that fall under some SMEs.”
“So some level of resilience is in the system. Now we need to prioritize the products that are being exposed to the AfCFTA,” he noted.
The association also wants the workability of all government programmes targeted at stimulating business growth, amid the impact of Covid-19 on the economy.
The projects include the ¢2 billion Credit Guarantee Scheme for SMEs and the ¢100 billion Ghana Cares Programme.
Chief Executive, Seth Twum-Akwaboah these funds could help businesses to have access to credit to grow.
“Government has also pledged with a ¢2 billion facility; the guarantee facility. We are already deeply involved and we’re trying to see how we can our members access this facility.
“But then we need to prepare the companies for them to access it. Otherwise, the banks may not even give out that loan.”
“And, therefore, our role is important and that’s one area we’re hoping to help our members. So we will continue to engage government to ensure all other government support for the industry is done,” he added.
Meanwhile, AGI have expressed delight about the successful export of goods from two of its members, thus Ghandour Cosmetics and Kasapreko under the continental free trade agreement.
Speaking to JoyBusiness, Mr Twum-Akwaboah described it as the game changer for African industries to revive their operations post covid-19.
“Is our expectation regarding the implementation of AfCFTA, from all indications it’s going to be a game changer in the whole dynamic of things.
“So I think very well that going into 2021, with AfCFTA coming on board, Ghanaian businesses should take advantage of the opportunities that are going to be available.”
“We also have a bit of a threat because our market is going to be opened to imports from other parts of Africa. So it depends on how we will strategize and take full advantage of the thing,” he stated.
- I have received calls to stop disconnection exercise – ECG boss
- Bride ‘faints’ briefly as Joe Mettle pops up at her wedding reception
- George Addo Jnr appointed Director of Communications at UK’s Coach Hene Sports Club
- Ato Forson was criminally reckless in ambulance transaction – Attorney General
- My divorce drew me closer to God – New EC member Rev. Akua Ofori Boateng
- We are one people – Bawumia and Mahama laud peaceful enskinment of new Yagbonwura
- Ghana Immigration Service cancels filling of embarkation and disembarkation forms
- Your electricity bill does not have a party colour – ECG MD
- We’ll meter all distribution transformers to fight power theft – Samuel Mahama
- Fitch upgrades Ghana’s rating to ‘CCC’
- Mahama calls for the intensification of stakeholder efforts, engagement on NACAP
- John Mahama recommends Public Funding of Political Parties Bill to regulate political financing
- Ghana Chamber of Mines censures Golden Star attacks, worried over upsurge of violence against mines
- Ex-President Kufuor urges his scholars to exhibit high levels of integrity
- Boris Johnson clashes with MPs over Partygate denials
- U.S. launches 5-year $5 million patnership with NHIA to improve quality of healthcare, digitisation, and access
- Bolt donates to 2 institutions as part of CSR activities
- North Dayi health directorate holds 2022 annual performance review meeting
- Livestream: PM Express discusses EC’s neutrality
- FWSC working on linking salary to productivity – Benjamin Arthur
- ECG doesn’t have means to prove power theft – Lawyer
- Endeavour to build quality homes – GREDA to members
- Poverty is our enemy; peace and development are our objectives -VP Bawumia
- Alan pays for printing of albums for 200,000 delegates
- Joy Prime premieres new telenovela ‘The Rich Also Cry’ on April 3, 2023