Small and Medium Enterprises (SMEs) clients of Consolidated Bank Ghana
have been trained on the African Continental Free Trade Area Agreement
Speaking on the three important facilities to support SMEs, Albert Akurugu, Esq., Public Relations Officer (PRO) for Customs Division of GRA said, “Under the AfCTA Secretariate, the Secretary General has announced 3 important facilities to support SMEs including financefacility where the AfCTA has provided a 1-billion-dollar fund for SMEs in Africa, a Pan African payment platform aimed at reducing the cost associated with exchanging currencies into dollar in order to transfer and pay for goods and services. Again, we have created an AfCTAapp to enable interconnectivity for expansion of businesses, reach potential customers, and access information on trade”.
On non-payment duty, he stated that any country in Africa that has signed on to the AfCTA is enjoined by the agreement to continue to dismantle their tariffs over a period of 10 years to ensure that a 0 % rate is reached by the tenth year.
On his part, General Manager for Business Banking at CBG, Michael Quansah, said CBG has alternative payment channels for Customs duty payments. He said, “It is exciting that over a period of 10 years, AfCTA is looking to eliminate Customs duty payments among intra-Africa trades.