Absa Bank empowers businesses to expand export potential
Businesses have been advised to engage with banks to help them in exploring and expanding their export potential under the African Continental Free Trade Area (AfCFTA).
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The Head of Trade and Working Capital for Absa Ghana, Emmanuel Mensah, said by embracing AfCFTA and working with financial institutions such as Absa Bank, businesses could unlock their full potential and expand their market reach on the continent.
Highlighting Absa Bank’s commitment to support local businesses in expanding their export potential, he said the bank recognised the immense value that Ghanaian products held within the continental market, hence stands ready to empower and help them navigate the complexities of intra-African trade and export opportunities.
“My appeal to Ghanaian businesses is to take advantage now and engage with banks such as Absa. We are very supportive in terms of growing our export potentials because there is a huge export potential for our products in Ghana.”
“We are willing to support and we believe that this is the right time for businesses to take advantage of the opportunity that AfCFTA presents despite the challenges that we see associated with its implementation. We believe that over time, we should get better,” he said.
The call comes at a time when there are ongoing efforts to address challenges such as infrastructure limitations and non-tariff barriers, which are inherent in the implementation of the AfCFTA.
The African continent is a thriving marketplace, rich with potential for trade business.
However, intra-African trade currently accounts for only around 15 per cent of the continent’s total trade volume.
This presents a tremendous opportunity for Ghanaian businesses to tap into a market of over 1.3 billion people with a combined Gross Domestic Product (GDP) exceeding $3.1 trillion.
Mr Mensah was speaking to the media on the sidelines of Absa Export Advantage Forum organised by Absa Bank Ghana LTD in collaboration with the National AfCFTA Coordination Office (NCO) in Accra on Tuesday.
The forum, on the theme: “Promoting Ghana's Intra-Africa Export - Unlocking New Export Potential through Identification of New Markets,” was to equip Ghanaian businesses with the knowledge and resources needed to thrive in the AfCFTA.
Participants included existing exporters seeking new markets, intra-African exporters, and businesses with export potential.
Commitment
The Managing Director of Absa Bank Ghana Ltd, Adolph Kpegah, said the forum showcased the bank’s commitment to empower Africa’s progress, together with its partners.
“We recognise that our collective success hinges on our ability to work together, to share insights, and to embrace the endless opportunities that lie ahead. We propose to be your banking partner of choice in unlocking the opportunities that AfCFTA offers.”
“Absa will be your guide and your facilitator, helping you navigate the threats and complexities of new markets with confidence. Our commitment is based on our comprehensive understanding of the challenges and opportunities the continent presents,” he said.