.jpeg "SMEs hold the key to Africa's trading future. By removing obstacles, we can foster growth and prosperity.")
The speaker highlighted the significance of the African Continental Free Trade Area (AfCFTA) for small and medium-sized enterprises (SMEs), underscoring that the agreement primarily caters to the needs of women and young individuals who encounter obstacles while engaging in cross-border trade of products and services within the continent.
The speaker highlighted that if African nations were to collaborate and attain a just one percent growth in intracontinental commerce, the resulting revenue of 70 billion dollars would surpass the 58 billion dollars received from external sources as development aid.
The Regional Integration and Infrastructure Fund (RIIF) serves as a sensitization tool and an interactive platform for partners engaged in regional integration and continental trade efforts. The primary objective of the 2023 Regional Investment and Integration Forum (RIIF) was to enhance understanding and recognition of the African Continental Free Trade Area (AfCFTA) and its advantageous implications for small and medium-sized enterprises (SMEs). Additionally, the forum sought to bolster the capabilities of SMEs to actively participate in intra-African trade activities.
The seminar, spanning two days, was around the overarching theme of "Overcoming Business Obstacles to Accelerate AfCFTA." The conference was jointly coordinated by the Centre for Regional Integration Africa (CRIA), the African Capacity Building Foundation (ACBF), in partnership with the Ghana Institute of Management and Public Administration (GIMPA), and the African Continental Free Trade Area (AfCFTA) Secretariat, with additional backing from Afreximbank.
The conference convened a diverse group of more than 150 individuals from various regions of Africa, encompassing government officials, corporate executives, members of academia, and representatives from civil society organizations. During the course of the discussion, the participants engaged in a comprehensive exploration of many matters pertaining to the implementation of the African Continental Free Trade Area (AfCFTA). These matters encompassed a diverse array of topics such as trade barriers, infrastructure development, and the facilitation of financial access.
During his introductory statements, Nana Dr. Owusu-Afari, the Chairman of Afariwaa Group of Companies, recounted his personal narrative regarding the establishment of a chicken venture on his residential premises, which subsequently flourished into one of Ghana's most prosperous small-scale enterprises.
The speaker placed major emphasis on the necessity of dismantling trade barriers for small and medium-sized enterprises (SMEs), which serve as the fundamental support system for African economies and make substantial contributions to the generation of employment opportunities and the growth of gross domestic product (GDP).
In his statement, Mr. Ian Mashingaidze, the interim Director of programs at the African Capacity Building Foundation (ACBF), emphasized the significance of capacity building in facilitating the effective execution of the African Continental Free Trade Area (AfCFTA).
He highlighted that the ACBF's Strategic Plan for the period 2023-2027 places considerable emphasis on "Trade as an Engine of Economic Development" as a primary impact area. This plan aims to provide tailored capacity building assistance to governments, policymakers, institutions, and individuals engaged in the process of implementing the AfCFTA.
Professor Lehlohonolo Tlou, the Executive Director of the Centre for Regional Integration in Africa (CRIA), emphasized the significance of enhancing the capabilities and providing the necessary expertise to small and medium-sized enterprises (SMEs) in order to overcome obstacles to trade within Africa and meet its domestic demands.
The speaker underscored the fact that despite the passage of 60 years since the founding of the Organization of African Unity (OAU) and subsequently the African Union (AU), the level of intra-African trade remains remarkably low, standing at a mere 16%. This is exemplified by the prevailing situation where Africa continues to create goods and services that it does not consume, while simultaneously consuming products that it does not produce.
She stated that the convening of the 2023 RIIF conference was undertaken as a means to enhance knowledge and understanding of the advantages associated with the African Continental Free Trade Area (AfCFTA), enhance the capabilities of small and medium-sized enterprises (SMEs) to engage in regional markets, and promote the exploration of collaborative ventures among SMEs for the establishment of regional value chains.
Professor Samuel Bonsu, the Rector of the Ghana Institute of Management and Public Affairs (GIMPA), emphasized the significant demographic advantage of Africa's youthful population and underscored the timely need of promoting intra-African commerce as a means to enhance the value of the continent's resources.
The speaker observed that Africa is home to around 420 million individuals between the ages of 15 and 25, constituting 40% of the overall population. Furthermore, it was highlighted that 70% of the African population falls below the age of 35. The individual conveyed optimism regarding the potential for GIMPA, an esteemed higher education institution, to collaborate effectively with CRIA, ACBF, and other stakeholders. This collaboration aims to facilitate trade within Africa by equipping businesses and leaders with the necessary tools to formulate policies and initiatives that effectively support the growth of small and medium enterprises (SMEs) on the continent.
The conclusion of the meeting entailed a collective appeal to all relevant parties to collaborate in dismantling trade obstacles and expediting the execution of the African Continental Free Trade Area (AfCFTA).
The participants expressed their commitment to collaborate with their respective governments and businesses in order to establish the requisite circumstances for the transformation of Africa's economy and the realization of a successful future for all individuals on the continent.