Maximising business opportunities available under the AfCFTA

Maximising business opportunities available under the AfCFTA


Five villages, namely, Menpeasem, Abuburo, Bankyeasa, Suronipa, and Nkwaepa previously existed as independent towns not having anything to do with one another during which time they encountered difficulties in their socio-economic development. The difficulties they encountered taught them one lesson, that is, the need to come together and cooperate in a way that will help them to pursue their common agenda of economic development. African countries have been struggling over the years to find a lasting solution to the problem of coming together in a form of unity to promote their continental interest, having failed in a way to successfully set up Organisation of African Unity (OAU) which has now become the African Union (AU). Despite this, not much has been achieved by way of continental economic development for which reason African countries have found the need to set up the largest trading bloc in the world. This bloc, if successful, will be to the benefit of African countries since it will promote huge volumes of trade among the countries on the continent.

BUSINESS OPPORTUNITY
In other words, one great business opportunity provided under the African Continental Free Trade Area is the platform provided for all businessmen and women on the continent to take advantage of the situation and transact business with their counterparts from other parts of the continent. The potential benefits of the bloc have been belaboured time and again and what is left now is to put it into full practice for the entire benefit of Africa. This business opportunity has come at a time when African countries are expected to transact business among their own selves and thereby maximise benefits that can accrue from business transactions with one another. In terms of resources, Africa is a rich continent but in terms of exploitation of these resources for the benefit of its people, the continent is found to be lagging behind the rest of the world. With the formation of the continental free trade, Africa stands a chance of encouraging its business entities to rise to the occasion and maximise benefits from within Africa through intra African trade rather than through business transactions with other parts of the world even though such business transactions are also important.

TRADING WITH OTHER COUNTRIES
Trading with countries outside Africa is good but the point being made is that the continent of Africa provides a huge opportunity for countries on the continent to align themselves with one another and promote trade among themselves. If this is done economic growth will take place within the continent and thereby help in the promotion of economic growth for all Africans. This is one fact that cannot be run away from, and all African countries must remain committed to this truth. Such commitment to intra African trade is what is needed by all countries in the continent to generate internally induced economic growth. It is this growth that is needed to improve upon the welfare of people on the continent and to make life better than it is today for all Africans. However, to be able to generate internally generated growth and make life better for people on the continent, African businessmen and women ought to keep to the use of applicable standards. It is the use of such relevant applicable standards that will help business entities on the continent to take advantage of the continental free trade.

STANDARDS AND SPECIFICATIONS

Applicable standards are meant to ensure uniformity of standards and specification so that the characteristics of imported products to any African country will be the same irrespective of where it is imported from. This will make all forms of products fit- for- purpose and ensure fairness in trade as well as promotion of large volumes of trade on the continent. A standard serves as a guide for businesses to do what is right and avoid unacceptable practices.
Such guiding principles and practices as approved by national standards bodies kept in form of a document, in form of rules, guidelines or characteristics for products and their related processes or production methods. Compliance with relevant standards implies that for whatever is produced for a market, be it local or international, the applicable standards will have to be obtained and applied to the products or processes concerned. What this means is that any business entity that wants to produce soap, textiles, footwear and food items ought to look for the relevant standards and apply them in their production process. Companies that have been able to do this supply goods not only to local markets, but also foreign or international markets. The time has, therefore, come for business entities in the country not to go about production in the same old ways of doing things but explore new areas in the application of standards to make them more competitive in the local and international markets.

FIGHTING FOR TRADE SECRETARIAT
The President of the Republic of Ghana, H.E Nana Addo Dankwa Akufo-Addo, has done everything he can to ensure that the Continental Free Trade Secretariat is set up in the country. This will come with several benefits to the nation, but more benefits can be derived, if business entities in Ghana here explore greater opportunities in terms of applying relevant standards so as to make themselves highly competitive in local and international markets on any part of the continent in order to bring in the needed revenue for economic growth. Even though the African trade bloc is important to the continent, we can only make adequate use of it if we focus on applicable standards in whatever is produced or manufactured for neighbouring countries. Without this there will be disagreements and trade dispute among the countries on the continent.

AVOIDING TRADE DISPUTES
Trading blocs in various parts of the world that are functioning well and promoting the interest of their bloc members often encounter disputes with one another or among themselves even when standards are being adhered to. If these standards are not adhered to by members of any trading bloc, the result will be a tremendous rise in trade related issues. This explains why African countries must pay attention to applicable standards and ensure that there is uniformity of purpose as far as trade with one another is concerned. Seen in this light, it will not be automatic for Ghanaians to just export their products to any parts of the African market but to ensure that all outputs conform to relevant standards, processes and systems to ensure quality as well as safety, good health and protection of the environment for consumers of these products. This is achievable, so all Ghanaian business entities as well as others operating in the country must make themselves relevant through application of standards and systems in line with best international practices.

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