As part of government’s
initiative to enable local companies to harness the benefits of the African
Continental Free Trade Area (AfCFTA) agreement, the National AfCFTA
Coordination Office (NCO) in collaboration with the Ghana Export Promotion
Authority (GEPA) will undertake a Market Entry Expedition for Ghanaian
businesses to Kenya from May 23-27, 2023.
Minister of Trade and Industry, KT Hammond will lead the delegation to Kenya,
accompanied by Deputy Minister of Trade, Nana Ama Dokua Asiamah-Adjei and other
high-level officials of the NCO, Ministry of Trade and Industry (MoTI), GEPA
and affiliate agencies.
At the event, NCO and GEPA will exhibit Ghanaian products and open the Ghana
Export Trade House as part of the expo, to climax with the African Union Day
observation.
Kenya has been selected for the pilot due to its position as the biggest market
in East Africa which serves as a gateway to the East African market, and to
also deepen the existing bilateral bond between Ghana and Kenya.
NCO Coordinator, Dr. Fareed Kwesi Arthur, explained that the trade mission and
expo will involve a combination of activities including matchmaking sessions,
exhibitions, seminars and business networking events.
“The theme for the 2023 AU Day is accelerating the implementation of AfCFTA and
holding the expedition side-by-side would create significant synergy and boost
awareness of Ghanaian products in Kenya and a similar event in Egypt in the
month of August,” the NCO Coordinator said.
The Market Entry Expedition, according to Dr. Arthur, is designed to facilitate
the entry of Ghanaian businesses from different sectors into East Africa with
focus on selling a mix of local SMEs drawn from agro-processing, manufacturing,
cosmetics and textiles sector into the East African market.
As part of its aims, the event is also expected to increase Ghana’s trade with
Africa under the AfCFTA, while introducing local businesses and products from
different sectors to selected target markets; identify value chain
opportunities for local businesses; increase the presence of Made in Ghana
brands across the sub-region and to establish market linkages between Ghanaian
traders and East African companies and business associations.
As the main objective of AfCFTA is to boost intra-African trade, the pact seeks
to open up a market space for the 46 countries out of the 55 which have
ratified the agreement.
But with Ghana’s trade with Africa constituting just 14 per cent compared to
its trade with the global market, it is anticipated that the Market Entry
Expedition will boost the country’s trade fortunes with the rest of Africa.
AfCFTA Strides
Trading under the pact was officially launched on January 1, 2021, with
commercially meaningful trade commencing on October 7, 2022 under AfCFTA’s
Guided Trade Initiative. Ghana played a significant role in putting this
initiative together, as it was led by the Continental AfCFTA Secretariat, the
NCO, among other critical institutions.
The NCO is optimistic that products from 100 Ghanaian companies from different
sectors of the economy, would be introduced to selected target markets in Kenya
and the Egypt expedition in August this year.
The Coordination Office is also anticipating an improvement in trade volumes
between Ghana and other African markets as well as an increased presence and
participation of Ghanaian products and businesses in regional value and supply
chain networks.
The Expedition is being funded by the World Bank’s Ghana Economic
Transformation Project (GETP), the Deutsche Gesellschaftfür Internationale
Zusammenarbei (GIZ), United Nations Development Project (UNDP) and additional
sponsorship from Eximbank.
Source: dailyguidenetwork.com