Director-General of the World Trade Org a n i s at i o n (WTO), Dr. Ngozi Okonjo- Iweala, has said that lower trade costs will boost Africa’s economic recovery. Speaking at the opening ceremony of the 2021 meetings of the African Development Bank (AfDB) yesterday, the WTO DG noted that record-high trade costs hinder the movement of goods. Calling for debt relief for African countries, she stated that many countries are at risk of entering debt distress. She said: “When thinking about how to use debt productively, it is paramount to think about how it is managed and what it is used for. Debt means to go into high yielding activities with high rates of returns. One potential area for high returns on investment is acting to lower what economies call trade cost, the cost associated with moving goods from the factory gates to the final consumer.
