The government is working with trade sector stakeholders to develop swift strategies to protect domestic industries from the impact of the 10 percent US tariff on Ghana.
This follows a three-month suspension of the “reciprocal” tariffs, announced by President Donald Trump on Wednesday, April 9.
“The 90-day pause provides us with the opportunity to assess the full impact of the tariff and adopt various strategies to mitigate the immediate impact on our trade and economy,” said Mrs. Elizabeth Ofosu-Adjare, Minister of Trade, Agribusiness, and Industry.
Speaking at a stakeholder meeting in Accra on Thursday, she stated, “Our meeting today is to explore immediate and pragmatic steps to mitigate the impact of the tariffs on domestic industries.”
She pledged the government’s commitment to strengthening trade diplomacy, preserving preferential access, and enhancing investment promotion strategies.
Mrs. Ofosu-Adjare announced initiatives such as the Accelerated Export Development Programme, Rapid Industrialisation for Jobs, and the 24-hour economy policy to build resilience, boost production, and improve market access.
She urged stakeholders to work diligently to address the trade tensions.
“In all this, the implementation of the African Continental Free Trade Area (AfCFTA) agreement provides the best opportunities for our market access drive,” she said.
Ghana plans to leverage the upcoming African Trade Ministers’ meeting to discuss the issue with the AfCFTA Secretariat and improve trade-related infrastructure, streamline regulations, and offer incentives for export-oriented investments.
The tariff means Ghanaian exports like cocoa, gold, and textiles will face a 10 percent tax in the US, potentially raising prices, reducing demand, and hurting exporters.
President Trump justified the tariffs as addressing perceived trade unfairness due to Ghana’s trade surplus with the US.
Ghana already imposes a 17 percent tariff on US goods.
In 2024, Ghana exported goods worth GHS294.9 billion and imported GHS250.2 billion, resulting in a trade surplus of GHS44.7 billion, according to the Ghana Statistical Service.
The International Trade Centre reported US imports from Ghana at US$1.21 billion and exports to Ghana at US$967 million, creating a US$244 million trade surplus in Ghana’s favour, about 4.5 per cent of its total exports in 2024.
GNA
