Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), has advised Ghana to increase investment in the burgeoning online commerce in order to benefit from the $4 trillion in global online trade.
She said that the nation was doing well by offering certain professional services in business outsourcing and digital commerce, with many women working in the industry. She encouraged greater efforts to be made to make significant breakthroughs in the field.
This was said by Dr. Okonjo-Iweala last Wednesday during a courtesy visit to President Nana Addo Dankwa Akufo-Addo at the Jubilee House.
She referred to digital trade as "the wave of the future," citing it as the sub-sector with the strongest current growth rate of 8% per year. She said that the WTO might assist with problems like certification, product quality control, and entering new markets.
Fisheries
President Akufo-Addo was asked by the WTO Director-General to use his clout to persuade other African countries to ratify the new fisheries agreement.
She went on to say that the pact will help developing nations, particularly those in Africa with fisheries.
She stated that the organization was able to secure the fisheries subsidies agreement after 21 years of impasse, which would eliminate $22 billion in harmful situations that led to illegal, unreported, and unregulated fishing. She also stated that they were currently negotiating a second phase of the agreement to address overfishing and overcapacity.
According to Dr. Okonjo-Iweala, the continent was losing $3 billion due to overfishing and overcapacity and $2.3 billion to illicit, unreported, and unregulated fishing.
Trade financing
Regarding funding, President Akufo-Addo stated that it was crucial for the IMF and the World Bank to increase the country's access to concessional financing.
He said that the Bank of Ghana and others were working to bring it to the forefront of the conversation and that eventually, if the country did not modify how the market reacted to its demands, it would be impossible to have a sustainable debt profile.
In order to be on track for the fund initiative, President Akufo-Addo said Ghana had made certain changes to its debt profile.
blogpay
Total Comments: 0