Trade Minister Flags Services Trade as Key to Growth Ahead of WTO Talks
By Praisebell Rosemond Larbi
Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has underscored the growing importance of services trade as a driver of economic transformation, as global leaders prepare for the upcoming ministerial talks of the World Trade Organization.
Speaking during a high-level panel on the margins of preparatory meetings for the WTO Ministerial Conference (MC14), the Minister highlighted the expanding role of digitally enabled sectors such as fintech, professional services, and digital platforms in reshaping global trade dynamics.
According to her, services trade is no longer a peripheral component of the economy but a central pillar for diversification, resilience, and job creation, particularly for young people in developing countries.
“Digitally enabled industries are opening new pathways for economies like Ghana to expand exports and reduce reliance on traditional commodities,” she noted.
The discussions come at a time when global trade patterns are evolving rapidly, driven by technology, shifting supply chains, and changing geopolitical dynamics. Participants at the panel emphasised the need for the multilateral trading system to adapt to these changes and better support development outcomes.
For Ghana, leveraging services trade is seen as a strategic pathway to deepen economic transformation. The country is positioning itself to benefit from digital innovation and regional integration frameworks, particularly the African Continental Free Trade Area.
Through the AfCFTA, Ghana aims to expand its services exports across Africa, tapping into growing demand in areas such as financial technology, logistics, consulting, and digital services. This approach is expected to complement traditional export sectors like gold, cocoa, and oil, which have historically dominated the country’s trade profile.
The Minister stressed that services trade can drive more inclusive growth by creating opportunities across a broader segment of the population, especially for youth and small businesses. Unlike capital-intensive extractive industries, digital and professional services often require lower entry barriers and can scale rapidly with the right infrastructure and policy support.
The panel also brought together trade ministers from various countries to exchange perspectives on strengthening the global trading system. A key theme was the need for reforms that reflect the increasing importance of services and digital trade in the global economy.
As preparations continue for the WTO Ministerial Conference, Ghana and its partners are advocating for policies that enhance market access, improve regulatory alignment, and support innovation-driven trade.
The focus on services signals a broader shift in development strategy, one that prioritises knowledge-based industries and digital transformation as engines of sustainable growth.
