Stakeholders ponder solutions for challenges faced in small-scale international trade transactions.
In Accra, a two-day regional workshop focused on fostering Small Scale Cross Border Trade was held amongst representatives from Ghana, Nigeria, Cote d'Ivoire, Burkina Faso, Togo, and Benin. Attendees encompassed intergovernmental and public-sector organizations such as customs and immigration agencies, whose activities have a significant impact on the facilitation or hindrance of the trade flow.
Organized by the POS Foundation in collaboration with the Ghana International Trade Commission and GIZ, the event was preceded by a workshop a week prior, which involved participation from private sector entities. These gatherings aimed to highlight and address the obstacles inherent within cross-border trade.
Jonathan Osei Owusu, the Executive Director of the POS Foundation, expressed the belief that a harmonized cross-border trade system could pave the way for the economic liberation of Africa.
Kyeremeh Yeboah, the Head of Trade Facilitation and Import Management at the Ministry of Trade and Industry, elucidated several challenges impeding cross-border trade. Mr. Yeboah, who also chairs the ECOWAS Trade Facilitation Committee, shared that the Abidjan-Lagos corridor, a significant trade route spanning 1028 kilometers, typically takes transporters three weeks to traverse, but could be achieved in three days if trade were effectively facilitated.
George Tettey, an Assistant Commissioner in charge of Preventive at the Customs Division of the Ghana Revenue Authority, underscored the necessity of striking a balance between trade facilitation and border security. He highlighted the importance of safeguarding against illicit trade and potential terrorist threats while promoting trade.
Stressing the need for small-scale cross-border trade to adhere to the rule of law, the Deputy Superintendent of Immigration for Nigeria, Sheyindemi Adewunmi, emphasized its importance.
Cross-border trade in West Africa often faces hurdles such as non-tariff barriers, infrastructure deficiencies, and inconsistencies in trade agreements, making trade more challenging and inefficient. Potential solutions include the digitalization of trade processes, infrastructure development, harmonization of trade rules, and innovative financing mechanisms for small and medium-sized enterprises. These solutions are aimed at addressing the broader challenges affecting cross-border trade in the region.
- The digitalization of trade processes could be a potential solution for the non-tariff barriers and infrastructure deficiencies encountered in West African small-scale cross-border trade, as suggested in the general-news discussion.
- In line with the beliefs expressed by Jonathan Osei Owusu, the harmonization of a cross-border trade system could boost the financial prospects of businesses and contribute to Africa's economic growth.
- At the regional workshop on small-scale cross-border trade, politics and finance intertwined with business, trade, and transport matters, as evidenced by discussions on the harmonization of trade rules, innovative financing mechanisms, and balancing trade facilitation with border security.
