Trade minister calls for stronger SME financing to unlock AfCFTA opportunities

The Minister for Trade, Agribusiness and Industry, Mrs Elizabeth Ofosu-Adjare, has called for stronger and more accessible financing mechanisms to enable Micro, Small and Medium Enterprises (MSMEs) to take advantage of opportunities under the African Continental Free Trade Area (AfCFTA).

She said access to affordable and suitable finance remained a major challenge for many African businesses and must be addressed alongside barriers relating to markets, border processes, payment systems, logistics and infrastructure.

Mrs Ofosu-Adjare made the call on Wednesday when she delivered the keynote address as Hostess and Guest of Honour at the 2026 AFLIGA Thought Leadership Series held at the La Palm Royal Beach Hotel in Accra.

She said MSMEs remained at the centre of Africa’s economic development and required stronger support to expand production, improve competitiveness and participate effectively in intra-African trade.

She noted that while the AfCFTA had created opportunities for businesses to access a larger continental market, many enterprises could not fully benefit without adequate financing and an enabling business environment.

“Access to finance must go hand in hand with access to markets, efficient border processes, reliable payment systems, affordable logistics and quality infrastructure,” she said.

According to the minister, Africa’s merchandise trade reached approximately US$1.5 trillion in 2025, while intra-African trade stood at about US$213.8 billion, reflecting the opportunities that remained untapped within the continent.

She urged African countries and financial institutions to develop financing solutions that responded to the needs of SMEs, particularly businesses seeking to expand beyond their domestic markets.

The Minister said stronger financing support would help enterprises invest in production, improve product quality and scale up operations to meet the demands of the continental market.

She also stressed the need for African economies to move beyond the export of raw materials and increase local processing and value addition to create jobs, strengthen manufacturing and retain more wealth on the continent.

Mrs Ofosu-Adjare said the Government was pursuing initiatives, including the Feed the Industry Programme, the 24-Hour Economy and the Accelerated Export Development Programme, to strengthen the links between agriculture, industry and export development.

She said government support through the Ghana Enterprises Agency and the Ghana Export Promotion Authority was also aimed at helping businesses grow and access wider markets.

She highlighted plans towards the establishment of a Women Development Bank to provide better financial support for women entrepreneurs.

Mrs Ofosu-Adjare expressed optimism about Africa’s economic future but said the success of Agenda 2063 should be measured by improvements in the lives of ordinary citizens.

She said Africans should not have to wait until 2063 to experience the benefits of the continental development agenda, but should begin to see progress through growing businesses, increased local processing and manufacturing, easier cross-border trade and greater economic opportunities for women and young people.

Chairperson of the event and Member of the Council of State, H.E. Mrs Betty Mould-Iddrisu, called for stronger collaboration among governments, the private sector, financial institutions and development partners to create an environment that would enable SMEs to grow.

She said improving access to finance, markets and business opportunities was necessary to support sustainable economic growth and advance the aspirations of Agenda 2063.

   Comments0