In order to navigate the negative effects of the recent global trade wars, an economist, Herman Warren, director of Africa Corporate Network has advised Ghana to build both human and capital capacity to escape its effects.
According to him, Ghana could benefit immensely from the trade war if it develops the human capital of its people, through education and understanding the implications of geopolitical dynamics.
Speaking on global trade last Wednesday in Accra at the Baker McKenzie’s International Commercial & Trade practice group and Kimathi & Partners’ Africa Roadshow, he said, “Is about how do you leverage that relationship, and how do you build the capacity to improve your society to be competitive and so on. It is about the trade dealings, it is about educating the population to relate skills that will allow you to win not just now but for generations to come. It is about integrating supply chain, retooling as while a global market”.
Although the emerges of the trade wars, particularly between the United States of America and China posts a very huge threat to African economies, it’s not all dark and doom for Africa, as the deployment of certain key intelligence could help make use of the situation in a positive way.
He, however, mention that some Africa countries who are major traders in the US economy will suffer some loses in 2020 as a result of the slow growth that will hit America next year stemming from the 2020 elections.
This means that several African economies are expected to record a negative GDP growth rate if nothing is done to build capacity and to take advantage of the benefit that may arise as a result of the US predicaments.
He has, therefore, advised that caution should be taken in the face of economic difficulty so that major players in the American economy can take full advantage of the situation.
Source:Starrfm.com.gh