Ghana pushes for modernised South–South trade pact
The nation is pressing for a comprehensive review and modernisation of the long-standing South–South trade pact, saying the framework must be restructured to meet the realities of a global economy shaped by supply-chain disruptions, climate pressures, and shifting industrial policies.
Speaking at a ministerial meeting of the Global System of Trade Preferences among Developing Countries (GSTP) on the sidelines of UNCTAD XVI in Geneva, Minister for Trade, Agribusiness and Industry Elizabeth Ofosu-Adjare emphasised that while the 1988 pact remains relevant, it is misaligned with current global and regional economic challenges.
“Ghana sees the GSTP as a platform to translate our collective market potential into concrete partnerships for value addition, innovation, and sustainable development,” she said.
The Minister urged fellow developing nations to build on the São Paulo Round outcomes to produce a revitalised, development-oriented GSTP that supports new economic priorities.
She described the Geneva session as an inflection point for rethinking South–South cooperation, particularly in an era of tightening global financing, climate-related risks, and growing protectionism in advanced economies.
Her remarks align with a broader consensus emerging at UNCTAD XVI, where developing economies are advocating a stronger, more coordinated trade agenda to boost resilience against external shocks.
Mrs Ofosu-Adjare noted that Ghana’s push for reform reflects its domestic agenda, including the 24-hour economy policy, industrial expansion and agribusiness transformation plan, aimed at improving productivity, export competitiveness, and job creation.
She highlighted Ghana’s strategic role within the African Continental Free Trade Area (AfCFTA), describing it as a bridge between continental and inter-regional markets.
According to her, enhanced South–South trade linkages could accelerate Africa’s industrialisation, promote inclusive growth, and strengthen value chains across developing regions.
Looking ahead, the Minister called for the next phase of the GSTP to integrate digital trade, green industrialisation, and MSME participation, supported by targeted UNCTAD technical assistance to help member states benefit from new trade preferences.
