Free Trade Agreements and Sustainable Enterprise Development in Ghana

Abstract

More than two decades after Ghana has become a party to several Free Trade Agreements (FTAs), the country is yet to fully benefit from its anticipated economic development outcomes. Very little has changed, and many have dashed their high hopes as enterprises continue to struggle in SSA. Even the African Continental Free Trade Area (AfCFTA) could not renew hopes of sceptics. This study, therefore, delved into the issues that are preventing enterprises in Ghana from becoming sustainable and internationally competitive. The study was approached qualitatively using phenomenological research design. Research participants include major stakeholders in the international trade and sustainable enterprise development ecosystem in Ghana and beyond. The study found that there are several challenges that continue to bedevil sustainable enterprise development in Ghana and by extension, SSA. These challenges emanate from several sources including the enterprises themselves, inadequate support services, poor quality of products, and financing challenges of enterprises in Ghana and other SSA countries. The study recommends new financing strategies, increase in technical and operational capacities of enterprises, restructuring of support services, increase in compliance levels, and changing the “goal of the firm” to sustainable enterprise development as key interventions for developing sustainable and internationally competitive enterprises in Ghana, as well as in other SSA countries.