Leveraging digital technologies can help achieve economic freedom

Economics Technology Freedom
Economics Technology Freedom

Two non- profit organisations have organised a high-level dialogue series on how the African Continental Free Trade Agreement (AFTCTA) and digital assets could push the country to achieve economic freedom.

They are the Institute for Liberty and Policy Innovation (ILAPI), in partnership with Wada and Global Policy House,
Mr. Peter Bismark Kwofie, the Executive Director of ILAPI, speaking at the dialogue series, said the partnership with Wada, a blockchain entity, is to see how technology can redefine fiscal and monetary policies to establish economic growth and prosperity.

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

Mr. Kwofie said the partnership will also build a strong vibe for Ghana to see technology as a catalyst for growth.
He called on stakeholders in the country to ensure that the youth and policymakers are educated on the need to leverage technology for development.

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

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

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

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

She said, “Wada is currently doing regenerative agriculture 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 said.
Mrs. Owusu said 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 recent 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, at 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 said.

Mr Sosu said 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 stressed.

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