Senior Technical Advisor and Head of the National AfCFTA Coordination Office, Dr. Fareed Arthur, says his outfit is working with banks to set up specialised funds for private sector businesses that are seeking to explore the single continental market.
“Before the close of this year, we are hoping to meet with a cross-section of financial institutions to discuss the workability and potential of creating special purpose vehicles to support trade,” he said in an interview with Single African Market.
He added: “It’s something that’s in the plan and we hope that it should be able to start negotiations now and continue into next year.”
Dr. Arthur said the structured funding will be directed to private sector where most traders do not have ready access to capital
“If our businesses need to go to Africa, then we’ll have to find a way of supporting them with finance. This is money for trading, investments and building cross-border value chains,” he added.
According to Dr. Arthur, the special funding vehicle is part of its programmes to identify and support companies that have the potential to trade actively in the African Continental Free Trade Area (AfCFTA).
To this end, he said there have been engagements with public and private agencies and institutions that have something to do with exports.
Dr. Arthur says he is impressed about the interest coming in from Ghana’s private sector businesses who are very upbeat about the single market
He said: “The Ghanaian private sector is very eager about the AfCFTA; they are very enlightened about what’s happening outside, particularly on the West African corridor. They are also interest in other market and so they’re always making enquiries which we think is a good sign.”