The Ghana Statistical Service (GSS) says only 958 businesses across the country are aware of the African Continental Free Trade Area (AfCFTA) which commences on January 1, 2021.
This is according to findings from the second wave of COVID-19 Business Tracker Survey conducted by the GSS.
The 958 businesses represent 26.2 percent of firms interviewed between August 15 and September 20 this year by the GSS.
A total of 3,658 from the initial 4,311 firms from the first Business Tracker were re-interviewed to provide critical information to help the government, development partners and other organisations monitor the effects of the pandemic.
According to Prof Annim, government’s statistician, the awareness of the AfCFTA was more among the medium and large firms which represented 63.8 and 72.7 respectively while within the small and micro firms only 26.2 and 24.9 per cent knew of it.
He noted that though awareness of the AfCFTA was low, 76 per cent of the businesses believed the implementation of it would bring transformation to their businesses.
He said both large and small firms, as well as medium-size firms, believed that reduced cost of credit, increased information on business opportunities and removal of policy and regulatory bottlenecks, digitisation, business advisory services and information on business opportunities would be the support needed to make their firms useful and enable them to sell their goods and service across the continent.
“The number of firms in Ghana that are aware of the AfFCTA is worrisome and unexpected, given its enormous benefits for businesses and the country at large,” he stated, noting that his outfit had taken steps to intensify the sensitisation of AfFCTA to ensure that businesses and firms in Ghana could leverage and benefit from the returns associated with the agreement.