Thursday, 18 April

ILAPI: Let’s leverage digital technologies to achieve economic freedom

General News

The Institute for Liberty and Policy Innovation (ILAPI), in partnership with Wada and Global Policy House, has organised a high-level dialogue series on how African Continental Free Trade (AFCTA) and digital assets can push Ghana to achieve economic freedom.

Speaking at the dialogue series, the Executive Director of ILAPI Mr. Peter Bismark Kwofie said the partnership with Wada is to see how technology can redefine fiscal and monetary policies to define economic growth and prosperity.

He further said, "block chain and other emerging technologies should drive innovations that could help reduce inflation and unemployment for investment and trade."

Mr. Kwofie stated that the partnership will also build a strong vibe for Ghana to see technology as a catalyst for growth and not afterthought.

He called on all stakeholders in the country to ensure that the youth and policymakers are educated on the need to leverage on technology for development.

Also, the Lead for Wada, Mrs. Afia Owusu said Wada is mainly into developing skills in the block chain ecosystem as well as artificial intelligence gathering.

Mrs. Owusu said Wada also gives voice to the voiceless by ensuring that people leverage emerging technologies such as Web 3 and block chain, which many advanced countries use to develop their economies.

She revealed that many African countries especially Ghana believe that block chain technologies are scams but rather they are solely for investment and business innovation purposes.

Mrs Owusu added that, advanced countries are using block chain technologies to cut middlemen on whatever programme they are running.

She said "Wada is currently doing regenerative agric in Tamale with a group of farmers growing Bambara beans and are linked all over the world to consumers of Bambara beans who support the farmers with finance," she stated.

Mrs. Owusu opined that there is an ongoing exercise in Ghana and Mozambique where one can register a land and link up with potential buyers worldwide.

She said going forward, Wada will engage the youth on how to leverage the new technology in the area of education, improve economies and better lives.

The Member of Parliament for Madina Constituency and a panel member, Francis-Xavier Sosu highlighted the economic benefit of AfCFTA on African countries if only governments show political commitment to it implementation.

He said despite the greatness associated with AfCFTA, when it comes to implementation African leaders are found wanting adding that in the international level "we agree to these beautiful agreements but in reality, traders are being victimised in other countries in the area of free trade.”

"Is either we are for AfCFTA and willingly domesticate our laws and open up our space and borders for free movement of goods and services and also educate indigenous traders to also take advantage or if we don't want it and we back off," he added.

Mr Sosu stated that Ghana is the host to AfCFTA secretariat, yet there is not enough commitment to the ideas of it in terms of dealing with foreigners who trade in the country and "I think that is not the appropriate way to go."

"I therefore call on civil society groups in the country to hold the government accountable to the benefit of AfCFTA or we risk losing it," he stated.