(3 Minutes Read)
Ghana has joined a growing chorus of nations urging a comprehensive review and modernisation of the long-standing South–South trade framework, insisting that the agreement must evolve to meet the demands of today’s rapidly changing global economy. The call focuses on restructuring the Global System of Trade Preferences among Developing Countries (GSTP) to address new realities shaped by supply-chain disruptions, climate challenges, and shifting industrial policies.
Speaking at a ministerial meeting of the GSTP, held on the sidelines of UNCTAD XVI in Geneva, Ghana’s Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, stressed that while the 1988 pact continues to hold significant relevance, it no longer aligns with the economic and environmental complexities confronting developing nations today.
“Ghana views the GSTP as a vital mechanism for transforming our shared market potential into tangible partnerships that foster value addition, innovation, and sustainable development,” Ofosu-Adjare stated.
She called on member countries to build upon the achievements of the São Paulo Round to craft a revitalised, development-oriented GSTP, one that can effectively respond to the emerging priorities of the Global South. The Geneva meeting, she said, represents a turning point for redefining the principles of South–South cooperation, especially amid tightening global financial conditions, escalating climate-related risks, and growing protectionist tendencies in advanced economies.
Her comments echo the broader consensus forming at UNCTAD XVI, where developing economies are pressing for a more unified and resilient trade strategy to shield themselves from external shocks and ensure sustained growth.
Ofosu-Adjare explained that Ghana’s advocacy for reform is rooted in its national development priorities, including the government’s 24-hour economy policy, industrial expansion, and agribusiness transformation agenda—all aimed at driving productivity, strengthening export competitiveness, and creating employment opportunities.
She also underscored Ghana’s strategic position within the African Continental Free Trade Area (AfCFTA), noting that the country serves as a crucial link between continental and inter-regional markets. Enhanced South–South trade relations, she added, could accelerate Africa’s industrialisation, encourage inclusive economic growth, and reinforce value chains across developing regions.
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The Minister advocated for the next phase of the GSTP to incorporate digital trade, green industrialisation, and active participation of micro, small and medium-sized enterprises (MSMEs). She also called for targeted UNCTAD technical assistance to enable developing countries to fully leverage new trade preferences and harness emerging opportunities in the evolving global marketplace.
