The Ashanti Regional Director for the Ministry of Trade and Industry (MoTI), Mamuda Osman, has revealed that women-led businesses that register under the African Continental Free Trade Agreement (AfCFTA), will receive a 10 percent subsidy on bank loans interest payment.
This, according to Mr. Mamuda, is part of government efforts to facilitate women’s participation in exporting their goods and services to other African markets under the AfCFTA programme.
Mr. Mamuda stated that the next Africa Union (AU) gathering will see to it that specific protocols earmarked for women are enacted. He was giving the keynote lecture at the Ghana National Chamber of Commerce/GIZ Trade Hub conference for GNCCI Women in Kumasi.
“The AfCFTA agreement recognises the important role that women-led businesses play and the challenges most of these women face in their day-to-day activities. Therefore, a special protocol has been created for Women and Youth-led businesses that have been negotiated to facilitate trade for women and youth. It will be adopted in the next AU meeting for operationalisation,” said Mr. Mamuda.
He emphasised the need for more women to become entrepreneurs and to be willing to explore virtually any kind of business opportunity.
“Their role is vital because advances in economic development require business activities exhibiting both dynamism and stability – which are characteristic of successful women entrepreneurs in Ghana. Above all, it is important to recognise that the success of one female-owned business has a positive bearing on the success of many other lives.
“It is therefore worth the call for a deliberate effort to include women in making AfCFTA work. This, I believe, will have a strong positive impact on our country’s socio-economic development. This is because successful women-led businesses can help reduce female dropouts in school and women’s over-reliance on men for daily survival,” he explained.
According to Mr. Mamuda, for businesses to compete more successfully in the continental and international markets, they must pursue excellence, build core competencies, and gain confidence in this period of intense competition mixed with aspects of globalisation and liberalisation.
AfCFTA Boss underscores the need to revamp rules and regulations to support the youth
The first vice president of the Ghana National Chamber of Commerce and Industries (GNCCI), Victoria Hajar, on her part, emphasised the importance of prioritising inclusivity and sustainable socio-economic development to fully realise the benefits of increased intra-African trade under the AfCFTA.
She recognised a few ongoing issues that women in business continue to confront, such as discrimination, limited access to trade information and resources, and limited access to education. She did not, however, hesitate to remark that the AfCFTA had tremendous potential for utilising women’s strengths.
To this end, the Chamber dedicated 2023 to ensuring gender inclusivity while highlighting the significance of realising gender-related policies under the AfCFTA.