Ghana’s push for a 24-hour economy aligns perfectly with the African Continental Free Trade Area (AfCFTA), presenting a unique opportunity to boost local businesses and industrial output.
According to Francis-Xavier Kojo Sosu, Member of Parliament for Madina, the AfCFTA has the potential to revolutionize Ghana’s economy by expanding market access for local producers and creating jobs.
The 24-hour economy policy is designed to keep industrial and commercial activities running around the clock, driving continuous economic growth. Sosu argues that when paired with AfCFTA’s ability to ease trade barriers and facilitate seamless cross-border trade, this initiative could unlock significant opportunities for businesses both within Ghana and across the African continent.
AfCFTA itself represents a transformative shift in Africa’s economic landscape. By removing tariffs and reducing non-tariff barriers, the agreement is expected to increase intra-African trade and encourage industrial growth. With full implementation, AfCFTA could lift 30 million people out of poverty by 2035 and add $450 billion to Africa’s economy, according to a recent World Bank study.
However, the path to realizing these benefits is not without hurdles. For AfCFTA to achieve its full potential, countries must align their domestic trade policies with the agreement’s frameworks, enhance political will, and develop the necessary infrastructure. Sosu emphasized the need for significant investments in transportation and digital infrastructure to ensure Ghana’s businesses can compete effectively within the AfCFTA framework.
Furthermore, Sosu highlighted the importance of capacity-building efforts, particularly through educational initiatives that can help small and medium-sized enterprises (SMEs) tap into AfCFTA’s market opportunities. Strengthening the competitiveness of local businesses will be crucial to navigating the complexities of a more interconnected African market.
Africa’s fragmented markets have long held back its economic potential, making it one of the least competitive regions globally. AfCFTA’s promise lies not only in boosting trade but in fostering industrial development, technological progress, and diversification of economic growth sources. With enhanced trade integration, African economies can achieve greater resilience and reduce their reliance on external markets.
In summary, the integration of Ghana’s 24-hour economy policy with AfCFTA could pave the way for a more robust, competitive, and resilient African economy—if both infrastructure investments and capacity-building efforts are made a priority.
