Virginia Palmer
Government will today meet Virginia Palmer, the US Ambassador to Ghana, to discuss ways to ameliorate the effects of the 10% universal tariff on exports to the US from Ghana.
The Ministry of Trade, Agribusiness and Industry; Finance Ministry and the Ministry of Foreign Affairs will engage the US authorities to seek best ways to protect national trade interests and ensure stability in Ghana’s export sector.
President Trump’s Executive Order, which was signed on April 2025 and took effect on April 5, 2025 affects countries under the African Growth and Opportunities Act (AGOA), which include Ghana.
Analyst’s View
Economist and Political Risk Analyst, Dr. Theophilus Acheampong, has stated that there is no need for Ghana to respond to the recent 10% tariffs imposed on Ghana by the Trump administration by introducing retroactive tariff increases on US-imported products.
Speaking in an interview with the Daily Guide, Dr. Acheampong said the “cost-pass through will mostly be felt by Ghanaian consumers which will increase the already high inflationary pressures that the Central Bank is struggling to control,” if retroactive tariffs are imposed.
Government/ IMF
The International Monetary Fund (IMF), reacting to the new tariffs said, “clearly represent a significant risk to the global outlook at a time of sluggish growth” and therefore it was important to avoid steps that could further harm the world economy.
Kristina Georgieva, the IMF boss, has called on the United States and its trading partners to seek a constructive resolution to ongoing trade tensions.
She said the IMF’s assessment of the tariffs’ impact will be published in its upcoming World Economic Outlook, billed to be released during the IMF and World Bank Spring Meetings later this month.
Minority
The Minority in Parliament has also called on the government to take urgent steps to secure exemptions from the newly imposed 10% tariff on Ghanaian exports to the United States.
It said the tariff threatens Ghanaian businesses that rely on the U.S. market and could weaken the country’s export sector if swift action was not taken.
Ranking Member of the parliamentary committee on Economy and Development, Kojo Oppong Nkrumah, advised the government to initiate diplomatic engagements with U.S. authorities to negotiate a waiver.
IMPEX
The Importers and Exporters Association of Ghana, in a press statement, said the decision by the United States government to impose a 10% tariff increase on imports from Ghana, in its view, will have dire consequences on the Ghanaian economy.
It said apart from making Ghanaian products “less competitive” in the U.S. market, it could also reduce demand and revenue for Ghanaian exporters and may ultimately lead to loss of jobs.
According to the association, a decline in exports could result in increased financial instability and compel banks to increase the interest rates.
GEPA
A report from the Ghana Export Promotion Authority (GEPA) revealed that Ghana earned a total of $3,945,846,717 in Non-Traditional Exports (NTEs) in 2023, representing 11.75% growth.
According to the authority, that accounted for 24% of total merchandise exports, marking significant progress towards the country’s goal of earning $ 25.3 billion by 2029.
Latest data from the Ghana Statistical Service (GSS) showed that Switzerland, South Africa, the Netherlands, India and United Arab Emirates are the top five exports destinations of Ghana, accounting for 4.6% of Ghana’s total export in 2024.
All these countries account for about 64% of the total share of the country’s export earnings.
While the rest of the countries, according to the data, shared about 35.6% of export.
US Trade Rep
A report from the US Trade Representative’s office said while U.S. goods imports from Ghana in 2024 stood at $2.1 billion, the U.S. goods exports to Ghana in 2024 were $967.3 million, up 12.3 percent ($106.3 million) from 2023.
Exports from Ghana to the U.S. in 2023 recorded 71% primarily for crude petroleum and cocoa beans and 13% for cocoa paste while US-Ghana trade makes up about 6% of Ghana’s total foreign trade on import.
Think-thank
Director for CUTS International, an economic and policy think-tank, Kusi Adomako, responding to the announcement, said the tariff will reduce Ghana’s competitiveness in the U.S. market, impacting businesses and jobs.
The trade expert further urged African countries to take advantage of the African Continental Free Trade (AfCFTA) and its market with minimal restrictions in order not to be at the mercy of external shocks.
ISSER
Director of the Institute of Statistical, Social, and Economic Research (ISSER), Prof. Peter Quartey, believes that the 10% tariff imposed by the United States on Ghanaian exports should serve as a wake-up call for Ghanaians to add value to products from Ghana rather than exporting them in their raw state.
He further mentioned the need for Ghana to diversify its export.
By Ebenezer Amponsah & Samuel Boadi