As host to the African Continental Free Trade Area (AfCFTA), it is incumbent on local businesses to maximise the benefits that are characterised with it by developing the right business approach.
Categorisation of the businesses’ reaction would according to experts help to know “where one belongs and better inform decisions that will promote trading activities in Africa.”
The Founder and Senior Partner of AB and David, a Pan African Business law firm with offices in five countries, Mr David Ofosu-Dorte categorised the reaction of businesses towards the AfCFTA into six groups. He said 15 per cent of business people would fall into the attitude of “I cannot be bothered,”
Speaking at a sensitisation seminar held on Wednesday, February, 24, 2021, with the theme: “AfCFTA: Adopting The Right Business Strategies To Fully Benefit” by the Ghana National Chamber of Commerce and Industry (GNCCI) with Bank of Africa, Ghana Shippers Authority and JoyBusiness, he added that 15 per cent business people would see the Agreement as a threat and thereby may want the shops of other people’s shops to be closed and may be threatened by people moving into the country.
He said 20 per cent would fall into “It is just a policy change and therefore it is business as usual. Another 20 per cent of business individuals would also see the Agreement as a major opportunity to take advantage and they would begin to take advantage of either alone or collaboratively with others.
Another set of 15 per cent business people would see that there are new markets that they have never got to know off and they need to exploit. The last set of 15 per cent, Mr Dorte said see the Agreement as an opportunity to completely transform their business.
Ghanaian businesses should therefore position themselves to be in the right categories to take advantage of the 1.2billion market.
