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AfCFTA Participation: Only 300 Businesses Meet Requirements

only 300 out of 61,000 companies in Ghana meet the criteria to participate in the Africa Continental Free Trade Area (AfCFTA) market. 

To enable local businesses in Ghana to tap into the Africa Continental Free Trade Area (AfCFTA) market, the National African Peer Review Mechanism Governing Council (NAPRM-GC) has identified the need to enhance the capacity building of local businesses to meet the required standards.

According to Patrick Adu Osei, Chief Program Officer of the National African Peer Review Mechanism Governing Council (NAPRM-GC), only 300 out of 61,000 companies in Ghana meet the criteria to participate in the Africa Continental Free Trade Area (AfCFTA) market.

To address this, the country established the AfCFTA National Coordination Office to prepare companies for the trade market, which led to an assessment of companies and a forthcoming report.

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“In preparation for the AfCFTA, the country has established the AfCFTA National Coordination Office to prepare companies to participate in the trade market,” he said.

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The NAPRM-GC, in collaboration with the Northern Regional Directorate of the National Commission for Civic Education (NCCE), organized an empowerment workshop for the African Peer Review Mechanism (APRM) District Oversight Committees (DOCs) on Targeted Review of Ghana and AfCFTA on the theme “Corporate Governance as a Catalyst for the Implementation of AfCFTA,” he added.

The workshop aimed to equip DOCs with knowledge of corporate governance and AfCFTA implementation, enhancing their ability to effectively train micro, small, and medium enterprises.

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Mr Osei emphasized the need for awareness, as many Ghanaian businesses are unaware of the AfCFTA and its requirements.

“The figure shows that most Ghanaian companies are either not aware of the AfCFTA and its requirements, thus not preparing for it, or their corporate governance practices are inadequate,” he said.

The AfCFTA National Coordination Office report recommended establishing regional offices to raise awareness about the market and its protocols. The APRM promotes good governance and has been instrumental in promoting growth on the continent, with Ghana making remarkable progress under the APRM framework since its first review in 2006.

The DOCs, comprising traditional and religious leaders, persons with disabilities, youth groups, and civil society representatives, will oversee the implementation of APRM’s National Action Program at the local level.

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