The 10% tariff imposed by US President Donald Trump on Ghanaian imports to the United States is an opportunity for the country to deepen intra-African trade, the West African Regional Director of CUTS, Appiah Kusi Adomako, has indicated.
His comment comes in the wake of President Trump’s announcement of sweeping tariffs including a 10% tax on Ghanaian imports, a 34% levy on Chinese goods and a 20% tax on European Union products – a move that has escalated global trade tensions.
On Wednesday, April, 2, President Trump unveilled new tariffs on imports to the US which will form a central part of his government’s new trade policy.
Consequently, Mr. Adomako emphasised the need for Ghana and other African nations to leverage the African Continental Free Trade Area (AfCFTA) to mitigate the tariffs’ economic impact.
This position has been buttressed by the Minority in Parliament who have urged the government to urgently prioritise the implementation of the African Continental Free Trade Area (AfCFTA) in response to a 10% tariff imposed on Ghanaian exports by the United States.
Meanwhile, Executive Secretary-Importers and Exporters Association of Ghana Samson Asaki Awingobit described the imposition of a 10% tariff on imports by the United States as a significant setback for Ghanaian exporters.
Some economic experts believe local trade partners of the United States ought to accelerate export diversification within the African Continental Free Trade Area (AfCFTA) to mitigate the impact of newly announced U.S. tariffs.
For instance, economist Professor Godfred Bokpin thinks we shouldn’t spend too much time complaining but rather focus on expanding trade within the AfCFTA and improving the competitiveness of our export sector.
As global trade dynamics shift, experts agree that proactive measures – such as regional trade expansion and local production enhancements – are essential to safeguarding Ghana’s economy.
The sweeping new tariffs announced by President Donald Trump last week Wednesday sparked a global stock market sell-off, with US markets suffering their worst day since the Covid pandemic hit in 2020. Traders are worried the tariffs will push up prices and slow growth, both in the US and around the world.
Equally, the International Monetary Fund (IMF) has raised concerns over the newly announced U.S. tariff measures – warning that they could threaten an already fragile global economic outlook.
IMF Managing Director Kristalina Georgieva said the measures “clearly represent a significant risk to the global outlook at a time of sluggish growth”.
The IMF’s assessment of the tariffs’ impact will be published in its upcoming World Economic Outlook, set to be released during the IMF and World Bank Spring Meetings later this month.
