Businesses ready for AfCFTA

Businesses in the country have expressed their readiness to take advantage of the African Continental Free Trade Agreement (AfCFTA) by partnering with their counterparts both local and international to establish multinational firms that can profit from Africa’s over 1.2 billion consumers.

With financial support from Ghana Export-Import Bank (GEXIM), the government’s stimulus package, and a conducive environment, the businesses explained that they were prepared to partner other companies to develop world-class products and services for the huge market presented under the AfCFTA.

The President of the Ghana National Chamber of Commerce and Industry (GNCCI), Nana Appiagyei Dankawoso I, whose office has been engaging businesses on their readiness for the AfCFTA, made this known to the media on Tuesday in Tema.

He observed that the business community had shown its readiness and determination to take advantage of the initiative.

“The government on the other hand has already introduced policies and provided financial support to help local businesses to expand and take advantage of the initiative,” he said.

The visit

The chamber President said this when members of the chamber visited the head office of Zonda Tec Ghana in Tema.

The visit was to enable members of the GCCI to familiarise themselves with the operations of the heavy duty equipment company and to identify their challenges.

According to him, the chamber periodically engage the business community as part of its efforts to promote and protect business operations.

"In view of this, our visit here today is to familiarise ourselves with activities of Zonda Tec Ghana, be abreast of challenges in the automobile industry amid the COVID-19 pandemic and discuss mitigating strategies," he said.

He noted that the chamber also encouraged the business community that in its quest to stay competitive, there was the need to adopt modern operations and management strategies such as strengthen the occupational, safety, health and environment mechanism and system to proactively ensure safe and healthy working environments towards safeguarding lives.

Market leader

The Chief Executive Officer (CEO) of Zonda Tec Ghana, Mrs Yang Yang, said her company since it started operations in 2013 had positioned itself as market leaders in the automobile industry with undisputable customer service and competitive pricing.

She said the main operations of Zonda Tec Ghana were the sale and distribution of automatic and manual heavy and light-duty vehicles, spare parts and provision of after-sales service support in the country.

"Zonda fleets of auto brands and products range from tipper trucks, trailer heads, cargo trucks, semi-trailers, oil and water tankers, flatbed, lowbed and concrete mixer trucks."

Office complex

President Nana Addo Dankwa Akufo-Addo on August 17, officially inaugurated and handed over to the African Union Commission, the office complex in Accra to serve as the permanent secretariat of AfCFTA.

The secretariat will provide office space for the Secretary-General and staff who will provide leadership and technical support for AfCFTA and overall management of the day-to-day activities of the secretariat, implement agreement and strategic collaboration for stakeholders’ engagement and resource mobilisation for the implementation of the AfCFTA agreement.

To date, 54 countries have signed an  while 30 have ratified the AfCFTA agreement.

Eritrea is the only AU member state yet to sign on.

The AfCFTA makes Africa the largest free trade area in the world with a population of 1.2 billion people and a total Gross Domestic Product of GAP about US$2.5 trillion.