Ghanaian SMEs have made significant gains from participating in the AfCFTA Market entry trade expedition that took place from May 23 to 27, 2023.
The event was organized by Ghana’s National AfCFTA Coordination Office (NCO), in partnership with key AfCFTA implementing institutions in Ghana, under the auspices of Ghana’s Ministry of Trade and Industry (MoTI).
The SMEs, which were drawn from various sectors such as cosmetics, textiles, agro-processing, cocoa, and ceramics, had 158 individual B2B engagements, with a potential activation value ranging from USD $5 million to $6 million.
They also sold 4,209 individual products items, worth GH 552,300, with some companies in ceramic, edible oil, and cosmetic sectors, selling out their products within the first two days of the expedition.
The market entry expedition was aimed at facilitating market access and penetration for Ghanaian SMEs into other African markets under the African Continental Free Trade Area (AfCFTA).
The AfCFTA is a landmark trade agreement that seeks to create a single market for goods and services across Africa, by eliminating tariffs and non-tariff barriers. The AfCFTA is expected to boost intra-Africa trade by 52 percent by 2022 and lift millions of Africans out of extreme poverty.