Dr. Ngozi Okonjo-Iweala, the Director-General of the World Trade Organisation (WTO), has called on Ghana to increase its investment in online trade to take advantage of the global market worth $4 trillion.
During her visit to the Jubilee House, Dr Okonjo-Iweala commended Ghana for its efforts in digital trade and professional services in business outsourcing, with the active participation of many women.
She further urged Ghana to intensify its efforts to make major inroads into the online trade sector, which is currently the fastest-growing sub-sector at 8% per annum.
The WTO boss highlighted that the organization could help with issues such as certification, quality control, and breaking into new markets. According to Dr Okonjo-Iweala, digital trade is “the wave of the future,” and Ghana needs to tap into this opportunity to achieve maximum benefits.
Ratification of the Fisheries Agreement Dr Okonjo-Iweala also urged President Nana Addo Dankwa Akufo-Addo to use his influence to persuade other African countries to ratify the new fisheries agreement.
The agreement is expected to benefit developing countries, particularly those in Africa with fish resources. Dr Okonjo-Iweala disclosed that the WTO had secured the fisheries subsidies agreement, which would eliminate $22 billion in harmful instances that led to illegal, unreported and unregulated fishing.
She added that the organization was negotiating a second phase of the agreement to address overfishing and overcapacity.
Ghana is losing $2.3 billion from illegal, unreported and unregulated fishing and $3 billion from overfishing and overcapacity. Dr Okonjo-Iweala stressed the need for African nations to come together to address the problem of illegal fishing and protect the continent’s fish resources.
Financing President Akufo-Addo emphasized the importance of expanding access to concessional financing for Ghana.
He urged the International Monetary Fund (IMF) and the World Bank to reform how they respond to Ghana’s needs to ensure a sustainable debt profile.
The President disclosed that Ghana had already made some adjustments to its debt profile to achieve sustainability and called for Bretton Woods institutions to change how they mobilize capital and provide guarantees for securing private financing.
In conclusion, Dr Okonjo-Iweala’s visit to Ghana highlighted the need for the country to invest more in online trade and the importance of African countries ratifying the fisheries agreement. Additionally, President Akufo-Addo emphasized the need for concessional financing to achieve a sustainable debt profile.
