Ghana reiterates disapproval at world trade system

Accra (Greater Accra), 20^th November 99

Ghana on Friday again expressed its deep dissatisfaction about the increasing imbalance within the international trade market.

She said another disturbing factor is difficulty in creating the required human skills, especially adequate technical personnel to handle the complex and multifaceted aspects of the global economy.

Mr. Dan Abodakpi, a Deputy Minister of Trade and Industry, said this at a seminar on Ghana's trade policy measures.

The seminar is to sensitise the private sector and other export-oriented stakeholders about the dynamics of World Trade Organisation's rules and regulations and the Joint Integrated Technical Assistance Programme (JITAP). It is also aimed at building capacity for the multilateral trade system.

This is because new trends have emerged since the change over from the General Agreements on Trade and Tariffs to the World Trade Organisation.

Mr Abodakpi described the general imbalance in trade as "unsatisfactory" saying that government will not relent in its resolve to come up with prudent measures to uplift Ghana's trade in the global economy.

Experts from the private sector are attending the seminar. It seeks to help to identify export and business opportunities that have become available through liberalisation of economies.

Mr Abodakpi said although the benefits of the Uruguay Round of Multilateral Trade negotiations are appreciated, they are not automatic. It is only countries with the ability to adjust to the new environment that will benefit.

The Deputy Minister, therefore, urged participants to come up with useful options to government in the designing of strategies for the promotion and enhancement of capacities to move Ghana's trade forward.

The Untied Nations Conference on Trade and Development (UNCTAD) report for 1998 noted that Foreign Direct Investment (FDI) flows into sub-Saharan Africa were low.

Between 1990-1997, per capita FDI in Sub-Saharan Africa was under five dollars a year compared to the 62 dollars in Latin America and 31 dollars in South East Asia.

This is in spite of the overwhelming evidence that returns on investment in Africa are the highest in the world.

The UNCTAD report said for the same period, per capita FDI in Uganda and Ghana were three dollars and six dollars respectively while it was 21 dollars in China, 35 dollars in Brazil, 79 dollars in Mexico and 233 dollars in Malaysia.

Officials from UNCTAD said that it is important that we get people with the capacity to understand what it takes to operate within the new system.

"That is to say, how we can take advantage of the new regulations and derive the maximum benefits in the face of increasing globalisation," one official said.

Mr A. Vijay, Chief Officer for Least Developed Countries, Africa and the International Trade Centre, said the purpose of the JITAP programme is to assist in the improvement of the business environment in the countries covered in line with the new rules of the multi-lateral trading system.

He said it seeks to help identify export and business opportunities that have become available through liberalisation of economies.

He said the recommendations from the seminar would provide a basis for determining the objectives to be pursued at regional and multi-lateral trade negotiations, including the forthcoming WTO Ministerial Conference in Seattle, US.

GRi