Lack of harmonised standards disrupting intra-African trade – business leaders

Business leaders, especially women entrepreneurs, are calling for better standards. They want supportive frameworks to boost trade and economic integration in Africa.

Recent reports highlighted a Memorandum of Understanding (MoU) between the African Organisation for Standardisation (ARSO) and the African Continental Free Trade Area Secretariat. This MoU aims to eliminate Technical Barriers to Trade (TBTs) that hinder intra-African trade. However, businesses still face challenges and urge quicker action.

Concerns were voiced during the signing of an MoU between the Association of Ghana Industries – Women in Business Chamber (AGI-WIB) and Nigeria's Women’s Chamber of Commerce, Industry, Mines and Agriculture (WCCIMA). This agreement aims to enhance trade collaboration among women entrepreneurs in both countries.

The MoU was signed at the AGI-WIB B2B Forum in Accra. The forum focused on sharing women's trade experiences under AfCFTA. It seeks to unlock opportunities for women-led businesses and promote joint industrialization and mentorship.

Dr. Mrs. Grace Amey Obeng, Chairperson of AGI-WIB, called this a transformative journey for women in business across Africa. She encouraged women to create platforms that empower female entrepreneurs through AfCFTA.

Dr. Weyinmi Eribo from WCCIMA described the MoU as a historic milestone. She noted it is their first international partnership aimed at export development and industrialization for women in Nigeria and Ghana.

Eribo emphasized that collaboration could lead to joint product development and expanded market reach. She expressed excitement about the potential benefits of this partnership.

However, she acknowledged ongoing challenges for women in trade, such as capacity building and access to finance. “Trade finance is a significant challenge,” she said.

Dr. Maritha Osekre-Amey from AGI-WIB highlighted other hurdles like logistics and product standardization. She stressed the need for collective efforts to overcome these issues.

“Different countries have different approval standards,” she explained, creating bottlenecks for businesses. The new partnership gives them a stronger voice with institutions like AfCFTA Secretariat.

She also mentioned that AfCFTA has a Women’s Desk for direct engagement with entrepreneurs. “This will be our launchpad,” she added, noting improved access to proposal crafting resources.

Accessing finance remains a key barrier for many women-led businesses. Osekre-Amey stated that most are not structured well enough to secure loans easily.

Madam Faustina Nelson from the Ghana Revenue Authority praised cross-border collaboration among women entrepreneurs as commendable. She emphasized its importance since women make up a significant part of the population.

Nelson commended the government's commitment to women's empowerment by increasing leadership positions held by women. She noted government support for establishing a Women's Development Bank aimed at addressing financing challenges faced by female entrepreneurs.