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Browsing: Micro Small and Medium-sized Entreprises
The African Continental Free Trade Area (AfCTA) is billed to transform the face of trade on the African continent. If its implementation becomes a success, AfCTA will bring a new lease of life for African economies. Its implementation initially delayed by the onset of the Covid-19 pandemic is set for the beginning of 2021. Given that small business enterprises play key roles in most economies across the continent, what does the advent of the trade agreement mean for SMEs in Africa?
READ ALSO: Why the African free trade area could be the game-changer for the continent& economies
Why Are Micro And Small Business A Subject Of Concern?
According to the World Bank, SMEs make up 90% of businesses in the world and cover more than 50% of the world’s employment. Formal small businesses contribute significantly to GDP. This contribution to GDP is significantly amplified when the informal sector is taken …