Former Finance Minister, Hon. Dr. Mohammed Amin Adam, has voiced significant concerns over the potential impact of the Trump administration’s policy shifts on Ghana’s economy.
He warned that the reinstatement of certain U.S. measures, such as the suspension of USAID funding, the introduction of tariffs, and increased deportations, could pose serious challenges to Ghana’s development trajectory.
Addressing Parliament in a statement on Wednesday, February 12, Dr. Amin Adam emphasized the critical role USAID has played in supporting Ghana’s progress, particularly in healthcare, education, and infrastructure.
He estimated that the withdrawal of these funds could cost Ghana up to US$150 million annually, jeopardizing vital development initiatives.
Though U.S. tariffs are primarily aimed at countries like Canada and Mexico, the MP cautioned that Ghana could still feel the ripple effects.
He explained that global trade disruptions might heighten competition for Ghanaian exports, potentially destabilizing the economy. Additionally, the deportation of Ghanaian immigrants from the U.S. could lead to a decline in remittances, a key source of income for many families.
The former Minister and also the Member of Parliament for Karaga stressed the potential opportunities arising from the Trump administration’s focus on bilateral trade agreements. He suggested that Ghana could leverage these negotiations to secure favourable terms, particularly in sectors like agriculture, manufacturing, and technology, which could benefit from increased U.S. investment.
The MP called for a balanced approach to address these challenges, urging Ghana to strengthen diplomatic ties with the U.S. while continuing to engage in multilateral partnerships through organizations such as the African Union (AU), the Economic Community of West African States (ECOWAS), and the African Continental Free Trade Area (AfCFTA).
He proposed several strategic measures to mitigate the impact of U.S. policy shifts, including diversifying trade partnerships, boosting domestic production, seeking alternative funding sources, and enhancing regional security cooperation.
“As a nation, we must remain vigilant and proactive in navigating these economic shifts. By fostering robust trade relationships and maintaining strong diplomatic ties, Ghana can overcome these challenges and unlock opportunities for sustainable growth,” Dr. Amin Adam stated.