Ghanaian businesses must take a more active role in seizing opportunities under the African Continental Free Trade Area (AfCFTA). This proactive approach is crucial for Ghana to fully benefit from Africa’s expanding single market, according to policymakers, trade experts, and business leaders.
Stronger private sector involvement, better policy coordination, and increased trade financing are vital. These elements will help Ghana maximise the benefits from Africa’s $3 trillion single market. This urgent call emerged during the first Roundtable Discussion of the 2026 Citi Business Festival.
The discussion, themed “Unlocking Africa’s Single Market: How Can Ghanaian Businesses Win Under AfCFTA?” highlighted the agreement’s potential. AfCFTA aims to create a market of more than 1.4 billion people with a combined Gross Domestic Product (GDP) exceeding $3 trillion (approximately GHS 39.9 trillion). This initiative aligns with Ghana’s broader economic objectives of boosting intra-African trade and strengthening regional ties. It builds on previous efforts to integrate African economies and reduce dependency on external markets.
Dr. Fareed Arthur, Senior Technical Advisor on AfCFTA Implementation Committees, stated the problems facing AfCFTA are real. He believes these issues stem from weak coordination among African governments. Dr. Arthur emphasised that individualistic approaches by governments will not solve these challenges. Benjamin Asiam, Acting Head of the National AfCFTA Coordination Office, Ministry of Trade, Agribusiness and Industry, added that increased trade among African countries will keep more wealth within the continent. This will strengthen economic resilience, making Africa better off.
The full implementation of AfCFTA could significantly boost Ghana's manufacturing and export sectors. Ghana can strengthen its position as a regional manufacturing and export hub, particularly in pharmaceuticals. Gabriel Opoku-Asare, Chief Export Development Officer at the 24-Hour Economy Authority, highlighted this potential. He suggested that focusing on incentives like accessible power could double or triple pharmaceutical exports to the Sahel region. Mark Badu-Aboagye, CEO of the Ghana National Chamber of Commerce and Industry, stressed that policy consistency and effective implementation are key. He cautioned against actions that could undermine confidence in the continental trade agenda, referencing tensions involving foreign businesses in South Africa.
Moving forward, increased collaboration between governments, businesses, and financial institutions is essential. This will accelerate intra-African trade and position local enterprises for growth across the continent. Access to trade finance is a critical component, with financial institutions like Absa Bank Ghana playing a role. Emmanuel Mensah, Head of Trade and Working Capital at Absa Bank Ghana, confirmed their collaboration with development financial institutions to mitigate risks. Decision-makers will need to address policy inconsistencies and improve trade infrastructure to fully realise AfCFTA’s substantial economic benefits. The market will closely watch for concrete steps taken by Ghanaian firms to penetrate this vast continental market.