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International trade expert and senior partner at AB and David, David Ofosu Dortey, has tasked the private sector with formalizing its business strategies in accordance with government policies or it will lose the benefits of the African Continental Free Trade Agreement (AfCFTA).
According to him, the implementation of the agreement does not leave room for informal operations, hence the need for adequate alignment with government policies.
Speaking at the virtual awareness 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 won’t be very helpful because simply you will let yourself go; then the strategy has to be formal. Now it doesn’t have to be very big, but at least part of it needs to be formalized. “
“It is because formalization helps you to recognize the sector in which you are operating,” he said.
Meanwhile, Ernest Chemist CEO Ernest Bediako Sampong has expressed confidence that the opening of new markets will help manufacturers increase employment as there will be more demand for products.
“We are going to have technology transfer and I am sure that companies like GSK and some of the other multinationals will establish plants or collaborate with existing companies to allow them to export to the subregion. It is equally important for us because there will be the possibility of many opportunities “
“I think that over time we will set up vaccine factories. We are going to have an increase in industrial establishment because we are going to have a bigger market and competition will be easier. At the same time, we foresee certain challenges, looking at the factories we have here, “he added.
The theme of the event was “Adopt the right business strategies to fully benefit.”
Earlier this month, the Designated Minister of Trade and Industry, Alan Kyerematen, said that the successful implementation of the African Continental Free Trade Area (AfCFTA) would help build a strong foundation for the ‘Africa beyond aid’ agenda. .
He said that the removal of tariffs under the AfCFTA would boost intra-African trade, stimulate investment and innovation, foster structural transformation, improve food security, enhance economic growth and diversify exports.
