The government is actively promoting the expansion of local businesses through the African Continental Free Trade Area (AfCFTA) as a means to achieve accelerated economic growth.
President Akufo-Addo emphasized that the vast opportunities provided by the AfCFTA should be harnessed to enhance the global competitiveness of local businesses.
“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 addressed the 31st and 32nd President’s National Awards for Export Achievement in Accra. The event, organized jointly by the Ghana Export Promotion Authority (GEPA) and Ghana Free Zones Authority (GFZA), aimed to acknowledge the contributions of exporters in the non-traditional sector to the economic prosperity of the country.
Over 20 exporters were honored with plaques and citations for their outstanding performance, commitment to producing quality products, and pioneering efforts in their operations.
The President emphasized his administration’s commitment to supporting GEPA and GFZA, recognizing 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.
President Akufo-Addo highlighted the significant potential inherent in local businesses, particularly small-scale enterprises. He also acknowledged the commendable reputation these businesses have 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, affirmed the Authority’s commitment to fostering a culture of excellence within the export community. The theme for this year’s awards ceremony was “Recognising Excellence: Driving Sustainable Exports to Accelerate Ghana’s Prosperity.”