Ghanaian business mogul Dr. Daniel McKorley has called for a bold new initiative to reshape Africa‘s trade landscape through the African Continental Free Trade Area (AfCFTA) Trading Companies framework.
He believed that the establishment of dedicated trading companies would serve as the backbone of intra-African commerce, streamlining trade operations for small and medium enterprises (SMEs) and enhancing Africa’s global competitiveness.
“These entities will aggregate products from SMEs, enforce quality standards, and establish efficient value chains,” Dr. McKorley stated.
However, he acknowledged that access to capital remained a major challenge for SMEs and trading companies, therefore, he emphasized the need for enabling policies and streamlined regulations to support the framework’s success.
“For the AfCFTA Trading Companies framework to thrive, policymakers must harmonize trade policies, simplify cross-border compliance, and introduce incentives that encourage the growth of these trading companies,” he said.
“The goal is to create an environment where SMEs can fully benefit from intra-African trade opportunities,” he added.
To overcome the barriers in Africa, he noted that the AfCFTA Trading Companies initiative seeks to tackle these issues by developing structured trade corridors, optimized transportation networks, and improved market linkages.
Additionally, he said experts involved in the initiative would explore warehousing solutions, cross-border logistics, and digital trade facilitation to improve Africa’s full trade potential.
By addressing logistical and financial bottlenecks, the framework aimed to create a more seamless trading environment across the continent.
Nonetheless, he said the AfCFTA Trading Companies framework also served as a transformational force that could redefine Africa’s economic trajectory. By aggregating trade, unlocking financing, and overcoming logistical and policy challenges.
“This is about creating opportunities for businesses to thrive and for Africa to take its rightful place in global trade,” Dr. McKorley said.
The AfCFTA, a flagship project of Agenda 2063, was established to boost intra-African trade and unify the continent’s trade policies.
Since its approval in 2012, it has aimed to enhance Africa’s economic growth and amplify its influence in global trade negotiations despite its challenges.
Last Updated on March 16, 2025 by samboad
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