In the twenty-first century Globalization may appear to be a new phenomenon, but it is not.

It
has been with us for as long as the world has existed. It is defined as the daily interaction of people with
one another and the process of integrating with one another. Integration encompasses many aspects,
ranging from the relationships of many companies around the world, government agencies, and nation-
to-nation relations; from the most powerful to the weakest nations, non-governmental organizations,
and trades carried out by people all over the world. Globalization is interconnected with nearly all areas
of life from social, societal concerns, societal, economic issues, ethnicity and culture to the political
issues throughout the world. The prevalence of globalization impacts individuals’ condition of life from
health concerns, personal socioeconomic position to physical status. One of the emphasis of
globalization is that member nations should open their markets to enable open, unrestricted trade. This
is particularly seen in developing nations such as Uganda, where fewer trade barriers have resulted in a
significant improvement in the country's economy.

Globalization had numerous beneficial effects on developing countries. For example, it played a
significant role in some countries' ability to achieve independence. The conclusion of World War II was
crucial for Ghana's independence and a watershed moment in the Gold Coast's history. The rise of
capitalism in the United States, as well as Socialism/Communism in the Soviet republics, aided Ghana's
attainment of independence. Developing countries now have access to new markets as a result of
globalization. Several nations have taken full advantage of this (Bertucci & Alberti 2001). This opening
enables for the transnational flow of labor, foreign money, new technology, and management from
more industrialized countries to underdeveloped ones. There is currently a rise in the entrance of
foreign direct investment to developing nations, with more than a quarter of global FDI inflows receiving
between 1988 and 1989, and this has grown yearly (World development indicators in Bertucci & Alberti
2001).

Despite its numerous beneficial effects, globalization has a slew of negative consequences, the
most serious of which being the increase in carbon dioxide emissions. It has resulted in unfair rivalry
among states as countries compete for workers. States with strong environmental restrictions establish
various standards for industries in terms of employment needs and operational standards. This has
resulted in a decrease in employment in nations with stringent environmental regulations. When it
comes to demand for products and services, globalization has resulted in fierce rivalry among countries.
As a result, a country's currency loses value on the global market. Poverty is one of the most serious
negative effects of globalization on developing countries. Poverty is said to be increasing as a result of
globalization. Former UN Secretary-General Kofi Annan remarked, "...at the moment, only a very limited
number of countries are reaping the benefits of globalization." Many millions of individuals are
excluded, abandoned in filth... Annan (2000) defines. Although it is difficult to quantify the exact impact
of globalization on poverty, research estimates show that poverty has increased by 82 million, 14
million, and 8 million in Sub-Saharan Africa, Europe and Central Asia, and Latin America and the
Caribbean, respectively (Globalization and its Impact 2004).

Globalization has many gains and benefits on its own, but due to the influence of other factors,
particularly the nature and structure of most developing nations, it has a negative impact despite its
benefits. These consequences pose significant challenges for developing countries in the face of much-
needed economic growth and development. To that aim, the leaders of the industrialized world must
recognize that their primary duties lay in meeting the needs of their immediate society. As a result, it is
critical that these nations develop sensible policies and reforms to lead trade liberalization and the
complexity of globalization as a whole to adhere to their own domestic economic agenda. Globalization
should not be stifled. However, the scope and rate of its growth should match the nation's position and
existing economic regime so that, in the long term, the growing country itself will be able to compete
aggressively in the larger convergence of globalization.