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Be strategic in taking advantage of AfCFTA – McDan tells businesses

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Business magnate and Chief Executive Officer (CEO) of McDan Group of Companies, Daniel McKorley, has advised businesses in Ghana and by extension businesses on the continent to be strategic in taking advantage of the African Continental Free Trade Area (AfCFTA) agreement.

Speaking at the 6th Edition of the UPSA-ACCA Africa Trade Roundtable themed Infrastructure, Supply Chain Systems and the AfCFTA on Monday, October 24, 2022, Mr McKorley quipped that, with the offtake of the AfCFTA pact, businesses must not rush to enter other African markets.

In his view, businesses must first study the business terrain of their selected African markets before entering or doing business in the said African market.

According to Mr McKorley, studying the business terrain of an African market before entering it, is necessary given the fact that, business techniques that work in one African country will not necessarily work or be effective in another.

“I would advise businesses to be strategic in trading on the Continent, especially in view of the AfCFTA.”

“Because you see, the techniques that work in Ghana, will not work in Nigeria or Kenya. You can’t use the same techniques because if you do, you will fail,” he averred.

“Before you go into a country to trade, it is extremely important to know the culture of the country, the business environment of the country, the policies that affect business operations in the country, mergers and acquisitions in the country, among other things,” he added.

Speaking further at the event, Mr McKorley noted the timing for the creation and commencement of the AfCFTA is perfect, given rising commodity and food prices – partly due to supply chain difficulties – which is driving upwards inflation and adversely impacting livelihoods of Africans.

With AfCFTA, Mr McKorley says the African Continent can insulate itself from such incidents in the near future.

The AfCFTA pact, which kickstarted in January 2021, is the largest single trade bloc in the world with an estimated $3 trillion GDP value and 1.3 billion market (population of Africans).

Under the agreement, AfCFTA members are committed to eliminating tariffs on most goods and services over a period of 5, 10, or 13 years, depending on the country’s level of development or the nature of the products. General long-term objectives include creating a single, liberalised market; reducing barriers to capital and labor to facilitate investment; developing regional infrastructure; and establishing a continental customs union.

The overall aims of AfCFTA are to increase socioeconomic development, reduce poverty, and make Africa more competitive in the global economy.

The United Nations Economic Commission for Africa estimates that AfCFTA will boost intra-African trade by 52 percent by 2022. A report by the World Bank anticipates that AfCFTA could lift 30 million Africans out of extreme poverty, boost the incomes of nearly 70 million people, and generate $450 billion in income by 2035.

On January 13, 2022, AfCFTA took a major step towards its objective with the establishment of the Pan-African Payments and Settlements System (PAPSS), which allows payments among

companies operating in Africa to be done in any local currency.

The UPSA Africa Trade Roundtable brings together intra-African trade experts, government officials, international trade and commercial law experts, policymakers and scholars from across the world to discuss the pertinent issues arising out of the implementation of the African Continental Free Trade  Area (AfCFTA).

 

The post Be strategic in taking advantage of AfCFTA – McDan tells businesses appeared first on Citinewsroom – Comprehensive News in Ghana.

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The president needs to show leadership to stop ‘dumsor’ – Agyeman-Duah

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Professor Agyeman-Duah also chastised the administration for the slow speed at which it is addressing electricity concerns. He argues that given the frequency of power outages, the government should have taken a more serious approach to finding long-term solutions, but this has not been the case.

Professor Baffior Agyeman-Duah, a Governance Expert, has urged President Nana Addo Dankwa Akufo-Addo to show leadership by summoning all major players in the power sector, including the Electricity Company of Ghana (ECG), the Ghana Grid Company Limited (GRDCo), the Volta River Authority (VRA), and the Public Utilities and Regulatory Commission (PURC), and giving them marching orders to resolve the power crisis.

He believes he’ll be astonished if the president hasn’t done so already.

Speaking on the Ghana Tonight broadcast on TV3 on Monday, April 22, Prof Ageyman Duah remarked, “I will be surprised that the president has not called the leadership of the VRA, GRIDCo, ECG, and PURC, to sit them down to give them the marching order that he doesn’t like what they are doing.

“That is leadership, we need the president to be giving the marching orders. As I said, if he has done it privately I don’t know but based on the public pronouncements by these state agencies in charge of the energy sector, it seems like he hasn’t done that.”

Professor Agyeman-Duah also chastised the administration for the slow speed at which it is addressing electricity concerns.

He argues that given the frequency of power outages, the government should have taken a more serious approach to finding long-term solutions, but this has not been the case.

He went on to say “The government hasn’t been too active in seeking solutions to problems”

Prof. Baffour Agyeman-Duah also urged the state power distributor, the ECG, to produce a load-shedding schedule.

This, he believes, will help power consumers arrange their lives more effectively.

“The wise thing to do is to issue a timetable,” Professor Baffour Agyeman-Duah said.

Meanwhile, Richard Ahiagbah, Director of Communications for the New Patriotic Party (NPP), has stated that power shortages in certain areas of the country are annoying.

However, he stated that there is light at the end of the tunnel for the problem.

Mr Ahiagbah ascribed the problem to the Electricity Company of Ghana’s (ECG) maintenance work.

He told us that the job would be done quickly.

“The recent power outages have been understandably frustrating. However, there is an end in sight. The maintenance works are almost complete, and we can soon expect access to an uninterrupted power supply around the clock, as we have become accustomed to under the Akufo-Addo-Bawumia Administration.”

Regarding the criticism that members of the National Democratic Congress (NDC) have made against the administration over the outages, he stated, “The NDC is the last political organization to point fingers because Ghana has not forgotten the hurts of the ‘real dumsor,’ suffered under H.E. Mahama.

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Gomoa Akotsi: Truck collides with a police car, killing one and injuring several others

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It struck a Chinese national's car before colliding with a police vehicle stationed on the side of the road near Akotsi Junction. An eyewitness, Nai Appiah Nortey, told Citi News that several cops were in the parked police car and two more were in the trunk. The police were said to be making purchases nearby when the tragedy happened. "The vehicle was descending from Gomoa Akramah hills towards the Akotsi junction. But it suddenly lost control, crossed the main road, and collided with a police vehicle sitting on the shoulder of the road. It pulled the police vehicle and then parked in front of a business.

A collision on the road between Gomoa Akramah and Akoti Junction in the Gomoa East District, Central Region, is said to have killed one police officer and badly wounded many others.

According to sources, a KIA Rhino truck (registration number GX 4135-24) had a braking failure and went off track.

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It struck a Chinese national’s car before colliding with a police vehicle stationed on the side of the road near Akotsi Junction.

An eyewitness, Nai Appiah Nortey, told Citi News that several cops were in the parked police car and two more were in the trunk. The police were said to be making purchases nearby when the tragedy happened.

“The vehicle was descending from Gomoa Akramah hills towards the Akotsi junction. But it suddenly lost control, crossed the main road, and collided with a police vehicle sitting on the shoulder of the road. It pulled the police vehicle and then parked in front of a business.

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“There were some police officers in the trunk of the truck, and some even fell out as soon as the collision occurred. “One person has died, and the rest, including the Chinese national, have been rushed to the Trauma and Specialist Hospital in Winneba,” Nai Appiah Nortey said.

The Central East Regional Operations commander and other senior officials came on the spot to evaluate the magnitude of the damage.

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Calls for Napo’s removal as Energy minister intensifies

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“Where we have gotten to, there is no circuit and so what is the use of the minister in that space? He must be relieved, probably to concentrate on any other agenda he is bidding for. He must be relieved of his post. It is becoming too much. Is it not insulting with the statement that he made? Total disrespect to consumers. Are we asking for too much? “For God’s sake, I am a prepaid consumer. I have paid for that power that you need to supply me. In fact, you chose to put a meter in my house at a fee, that is also a contract in a form, and he chose to take my money in advance. “If I am not going to get the power, then just out of respect, at least tell me when I can have the power. But don’t look into my face and say, I should go and produce my own timetable.”

The Institute of Energy Security (IES) has urged for the urgent dismissal of Energy Minister Dr. Matthew Opoku Prempeh, citing the escalating energy situation.

According to the IES, the current status of the energy industry demands immediate action, leading to their call for the minister’s removal.

Nana Amoasi VII, Executive Director of IES, voiced concern with the minister’s apparent delay in an interview with Eyewitness News on Monday.

He emphasised the minister’s apparent separation from the realities of the energy situation, raising the question of his position in such a key location.

“Where we have gotten to, there is no circuit and so what is the use of the minister in that space? He must be relieved, probably to concentrate on any other agenda he is bidding for. He must be relieved of his post. It is becoming too much. Is it not insulting with the statement that he made? Total disrespect to consumers. Are we asking for too much?

“For God’s sake, I am a prepaid consumer. I have paid for that power that you need to supply me. In fact, you chose to put a meter in my house at a fee, that is also a contract in a form, and he chose to take my money in advance.

“If I am not going to get the power, then just out of respect, at least tell me when I can have the power. But don’t look into my face and say, I should go and produce my own timetable.”

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