Government is encouraging local businesses to expand their portfolio using the African Continental Free Trade Area (AfCFTA) platform for accelerated economic growth.
President Akufo-Addo said the opportunities presented by the AfCFTA were enormous, and ought to be unlocked to make local businesses globally competitive.
“It is a real game-changer, and once fully realised, we can potentially increase on an annual basis, according to the Economic Commission for Africa, intra-Africa trade increase by some US$35 billion and reduce external imports by some US$10 billion,” he stated.
President Akufo-Addo was addressing the 31st and 32nd President’s National Awards for Export Achievement, in Accra.
The event was jointly organised by the Ghana Export Promotion Authority (GEPA) and Ghana Free Zones Authority (GFZA), and sought to recognise the contribution of exporters in the non-traditional sector to the economic prosperity of the country.
More than 20 exporters received plaques and citations for higher levels of performance, producing quality products and breaking new ground in their operations.
The President noted that his administration was focused on supporting the GEPA and GFZA due to their strategic importance in sustaining the development and growth of Ghana’s non-traditional export sector.
“We also assure you that your governing laws are being reviewed to position you better to facilitate, develop and promote Ghana’s non-traditional exports,” he said.
Highlighting the economic prospects of the country, he referred to the potential that local businesses had, especially small-scale enterprises, and the good reputation they had built over the years.
“Without a doubt, your businesses have contributed significantly to the growth of the Ghanaian economy – the creation of jobs, and have had positive effects on our balance of payment,” he emphasised.
The President said, that despite the global economic downturn, the local businesses had demonstrated resilience in their operations for survival.
“I dare say that a lot of Ghanaian businesses have been severely hit, some to the extent of folding up business operations.
“The last three years have been challenging, and the Government has been doing its utmost to help ensure a reversal of our fortunes,” he stated.
By dint of hard work and tenacity of purpose, President Nana Akufo-Addo explained that: “We have turned the corner with all macro-economic indices – the rate of inflation, exchange rate stability or economic growth rate – all now pointing to the right direction.”
Dr. Afua Asabea Asare, the Chief Executive Officer (CEO), of GEPA, assured that the Authority was determined to nurture a culture of excellence within the export community.
This year’s awards ceremony was on the theme “Recognising Excellence: Driving Sustainable Exports to Accelerate Ghana’s Prosperity”.
Source: GNA