The African Continental Free Trade Area (AfCFTA) offers the continent a chance to develop regional value chains, change its productive structures, and become a competitive global economic bloc, according to Chief of Staff Mr. Julius Debrah.
He emphasised the need for intentional efforts to strengthen economic integration throughout the continent and stated that Africa’s low level of intra-continental commerce remained a significant concern.
“Unlocking West Africa’s Economic Potential through Trade, Investment, Logistics, and Youth Development” was the topic of Mr. Debrah’s speech at the Federation of West African Chambers of Commerce and Industry (FEWACCI) Summit.
The Ghana National Chamber of Commerce and Industry (GNCCI) and FEWACCI organised the summit on Wednesday.
He said that the topic was in line with the government’s policy direction, especially the 24-hour economy program and measures spearheaded by the Ministry of Trade, Agribusiness, and Industry, which are meant to enhance the business climate and industrial competitiveness.
He said that although investments in value addition were bolstering domestic manufacturing, programs like the Export Expansion Programme were helping Ghanaian SMEs take advantage of opportunities under the AfCFTA and Economic Community of West African States.
Mr. Debrah pointed out that programs like the Apprenticeship-to-Entrepreneur Program, which was carried out in collaboration with the Ghana Enterprise Agency, and regulatory changes, such as the establishment of a one-stop shop system, were giving young people useful skills for business development.
“The Ghana Economic Transformation Project has provided training and financial support to thousands of SMEs, demonstrating the government’s commitment to building a resilient private sector,” he added.
The Chief of Staff admitted that intraregional trade was still hampered by issues including poor logistics infrastructure, disjointed standards, restricted access to financing, and high trade expenses.
He urged organisations like the Association of Ghana Industries (AGI) and the GNCCl to take a more active role in advocacy, investment mobilisation, and enterprise development, calling for coordinated action between the government, the private sector, and development partners.
Mr. Debrah reaffirmed the government’s commitment to creating a vibrant and successful West African economy by highlighting the necessity of strengthening public-private cooperation, investing in productive capacity, empowering SMEs and young people, and deepening regional integration.
The summit’s goals include promoting investment in trade, logistics, and productive capacity through collaborations with financial institutions and development partners, as well as strengthening regional trade facilitation through coordinated private-sector advocacy and harmonised standards.
Additionally, it supports SME competitiveness in digital trade, financial access, logistical solutions, and youth empowerment through structured mentorship, the Youth Innovation Challenge, and engagement in regional value chains.
The remaining goals are to strengthen FEWACCI’s function as the coordinating body for private-sector-led regional development and provide practical public-private policy proposals for sustainable economic change.
Source: newsthemegh.com