The Ghanaian private sector, particularly large exporters, investors, and the general public, have been reassured by the Ministry of Trade, Agribusiness & Industry that the government will work with the United States to address the present tariffs on Ghanaian goods.
This is to prevent interruptions in trade and investment decisions within the nation.
The Ministry said in a statement that on Monday, April 7, 2025, the US Ambassador to Ghana will be immediately engaged by the Ministers of Trade, Agribusiness & Industry, Finance, and Foreign Affairs.
It further stated that in order to ascertain the full impact of the US tariffs on the nation’s economy and ascertain the degree of the effect, it is urgently also involving pertinent stakeholders.
“Furthermore, various strategies are under consideration to mitigate the immediate impact on Ghana’s trade. Most of the Ghanaian exports to the US market enjoy the duty-free quota-free market access through the African Growth and Opportunity Act (AGOA), which is a nonreciprocal preferential trade agreement between the USA and eligible African countries, including Ghana”, the statement explained.
On April 2, 2025, the USA said that a 10% universal tax will be applied to all imports entering the US from all nations, including Ghana, starting on April 5, 2025.
However, the declared duties do not apply to items that are in transit on the date.
Furthermore, with effect from April 9, 2025, retaliatory tariffs with rates ranging from 11% to 50% were placed on more than 50 nations.
The Executive Order claims that because of the economic and national security ramifications of the nation’s international trade imbalances, the tariffs are being imposed in accordance with the International Emergency Economic Powers Act of 1977 (IEEPA).
Certain products are expressly exempt from the reciprocal and universal tariffs under the Executive Order. Copper, medicines, semiconductors, lumber goods, energy and energy products, and several essential minerals are some examples of these products.
The Trade Ministry claims that a number of significant priority exports from Ghana, including clothing, cocoa derivatives, gold jewelry, shea butter, and horticulture products like cashew, fruits, vegetables, and root crops like yam, can find ready-made complementary markets in the US.
In order to prevent trade disruption and guarantee the predictability of investment decisions in the nation, the Ministry emphasized the government’s commitment to making sure the private sector is aware of the specifics of the imposition.
Source: newsthemegh.com