Business News of Wednesday, 2 April 2025
Source: www.ghanawebbers.com
The meeting organized by the IMO, a UN agency, focused on greenhouse gas reduction in shipping. Discussions centered on technical and economic measures needed for the 2023 IMO GHG Strategy.
Dr. Ali praised the Marine Environment Protection Committee (MEPC) for its impact assessment work. This assessment helps understand how mid-term measures affect food security.
The Ghanaian delegation noted findings from a World Maritime University review. The review indicated that maritime logistics costs may rise after adopting these measures. This could negatively impact food security in Ghana and other African countries.
Dr. Ali emphasized that concerns extend beyond essential food items. Critical agricultural inputs like fertilizers and machinery are also affected. He warned that increased costs would raise the food import bill and harm livelihoods across Africa.
Over 90% of global trade is transported by sea, contributing significantly to greenhouse gas emissions. The maritime industry primarily emits gases through burning fossil fuels.
To address this, the IMO aims for net-zero emissions by around 2050. However, implementing these measures will likely increase logistics costs and food prices globally, raising concerns for Ghana.
Ghana called for further studies on how these measures affect developing countries' food security. Dr. Ali stressed that remedial actions should be taken before any new measures are adopted.
He stated that addressing food security impacts is a humanitarian issue for the International Maritime Organization (IMO). It should be central to any adopted measures.
As a developing African nation vulnerable to climate change, Ghana faces unique challenges with these mid-term measures. Dr. Ali highlighted potential negative effects on GDP and consumer prices if no remedial actions are taken.
He cautioned against supporting any measure harming Ghana's economy or development priorities. Dr. Ali urged the IMO to consider Africa's development needs when designing new regulations to minimize economic impacts.