Interviews
Trade liberalization boosts economic growth
29 Jan '08
2 min read
Since its last Review in 2001, Ghana's macroeconomic fundamentals have improved considerably. The steps taken to liberalize the trade regime through, inter alia, the reduction of its applied MFN tariffs and structural reforms, have helped Ghana to achieve higher growth rates, reaching 6,2% in 2006, according to a WTO Secretariat report on the trade policies and practices of Ghana.
The current tariff structure, the report notes, inhibits the competitiveness of certain industries and may not encourage investment in others. Infrastructural problems and difficult access to financing also limit Ghana's economic performance.
The report says that continued reforms, including adoption of a competition policy, streamlining of customs procedures, rationalization of the tariff regime, further privatization, and the improvement of Ghana's multilateral commitments on goods and services, would improve the predictability of its trade regime and contribute to better resource allocation with higher economic growth in the mid-term.
The WTO Secretariat report, along with a policy statement by the Government of Ghana, will be the basis for the third TPR of Ghana by the Trade Policy Review Body of the WTO on 28 and 30 of January 2008.
The following documents are available in MS Word format.
• Secretariat report
- Contents and summary observations
- Economic environment
- Trade and investment regimes
- Trade policies and practices by measure
- Trade policies by sector
- Appendix tables
• Government report
• Revisions of the above documents may be issued approximately 2 weeks after the meeting.
• Chairperson's concluding remarks (coming soon)
• Minutes of the meeting are available approximately 6 weeks after the meeting.
• Questions and answers by WTO Members are available approximately 6 weeks after the meeting.
The current tariff structure, the report notes, inhibits the competitiveness of certain industries and may not encourage investment in others. Infrastructural problems and difficult access to financing also limit Ghana's economic performance.
The report says that continued reforms, including adoption of a competition policy, streamlining of customs procedures, rationalization of the tariff regime, further privatization, and the improvement of Ghana's multilateral commitments on goods and services, would improve the predictability of its trade regime and contribute to better resource allocation with higher economic growth in the mid-term.
The WTO Secretariat report, along with a policy statement by the Government of Ghana, will be the basis for the third TPR of Ghana by the Trade Policy Review Body of the WTO on 28 and 30 of January 2008.
The following documents are available in MS Word format.
• Secretariat report
- Contents and summary observations
- Economic environment
- Trade and investment regimes
- Trade policies and practices by measure
- Trade policies by sector
- Appendix tables
• Government report
• Revisions of the above documents may be issued approximately 2 weeks after the meeting.
• Chairperson's concluding remarks (coming soon)
• Minutes of the meeting are available approximately 6 weeks after the meeting.
• Questions and answers by WTO Members are available approximately 6 weeks after the meeting.
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