Small business owners are encouraged to position themselves to take full advantage of the consumer market that the African Continental Free Trade Area (AfCFTA) presents.
The opportunity presented, according to Member of Parliament for Ejisu and former CEO of National Entrepreneurship and Innovations Programme (NEIP), John Ampontuah Kumah, is a way to help close the unemployment deficit in the country.
“Another potent way to reduce unemployment is to tap into the 1.3billion consumer market presented by the African Continental Free Trade Area (AfCFTA). Increasingly, the Ghanaian market looks saturated with lots of consumable products in the offerings. What the AfCFTA does that most small-business owners know very little about is it allows them to export their products and services to other parts of the continent. We must seize the numerous benefits of AfCTA,” he said.
Mr. Ampontuah Kumah made the remarks in a statement on the Floor of Parliament last week, during a presentation on Youth Unemployment and Job Creation through the Private Sector.
The AfCFTA is a flagship programme that represents a major opportunity for countries to boost growth, reduce poverty and broaden economic inclusion. Trading under the AfCFTA was originally planned for July 1, 2020, but delayed due to the COVID-19 pandemic that hit global economies and was pushed to begin in January, 2021.
The MP also urged entrepreneurs and small business owners to consider crowdfunding as a means to address the challenge of start-ups lacking adequate funding. He admitted that access to funding remains a major problem for young people who wish to venture into entrepreneurship, and also those that are already running businesses and need funds to grow.