AfCFTA tends to hurt young local entrepreneurs – Kofi Amoah

Dr Kofi Amoah discusses job creation and wealth creation on LowDown

Dr Amoah calls for thorough assessment before Ghana signs international trade deals

The Lowdown hosted by Ismail Akwei is broadcast on GhanaWeb TV every Monday

Ghanaian business tycoon Dr Kofi Amoah claimed that the implementation of the African Continental Free Trade Area (AfCFTA) would have dire consequences for young entrepreneurs.

He said the government’s decision to open the Ghanaian market to a free trade agreement needs to be reconsidered.

According to Dr Kofi Amoah, this problem needs to be addressed urgently as it borders on the growth of the local economy.

Speaking during the recent episode of Lowdown on GhanaWeb TV hosted by Nii Akwei Ismail Akwei, Kofi Amoah noted that opening Ghana’s borders to foreign traders on the basis of free trade has the potential to hurt the growth of young entrepreneurs in the country.

“Once we get into this discussion and start talking about the bottlenecks to Ghana’s economic growth, one of the areas we need to look at is the free trade mantra. Where we have to open our borders; anyone from anywhere in the world can come and sell us anything at any price. “

“When you do that, you are hurting the prospects of your young local entrepreneurs,” he said.

The founder of Progeny Ventures Inc., argued that foreign companies benefiting from years and resources entering the country to compete with local start-ups will most likely lead to the eventual failure of the local company.

Dr Amoah, who was speaking on the ‘Missing Links in Ghana’s Job and Wealth Creation’ program, urged Ghana to thoroughly assess the pros and cons of any international trade deal beforehand. to sign it.

“China has not joined the WTO (World Trade Organization) that where you join you can sell to anyone and anyone can sell you. China decided when it was in its infancy that we didn’t have anything to sell to anyone, so we weren’t going to join. We’re going to assemble our house and learn how to do it, and when we think our products are good quality, the prices are good, we can compete in the international market so we open our doors.

“That’s exactly what they did and by the time they opened their doors they were very competitive. They took over many industries and got rich, ”he said.

The Lowdown is a socio-political program that addresses the issues and facts that matter.

The Lowdown on GhanaWeb TV airs Mondays on YouTube.

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