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The 10% tariff imposed by the United States on Ghanaian exports has sparked concern among economic stakeholders, with economist Prof. Patrick Asuming calling for a strategic shift towards enhancing local production and competitiveness.
Reacting to the development on ABC News’ Prime News on Thursday, Prof. Asuming noted that the move was in line with former U.S. President Donald Trump’s long-standing stance on global trade.
“Mr. Trump has always had this view that the world trade system is skewed against America. He does not think America gets a fair deal out of them,” Prof. Asuming explained.
“Because countries impose high tariffs on items they export from the U.S., while the U.S. has low tariffs on those items.” He added that despite the challenge, the situation also presents an opportunity for Ghana to improve its production systems and operational efficiency to maintain its foothold in international markets.
“That way, we also turn out to be some competitive advantage,” he said.
Meanwhile, the Minority Caucus in Parliament has condemned the U.S. tariff as a significant trade setback with potential long-term effects on Ghana’s economy. In a statement, they revealed that the tariff was imposed as a reciprocal response to Ghana’s 17% average tariff on U.S. imports.
They raised fears over its implications on the African Growth and Opportunity Act (AGOA), which currently grants duty-free access to about 6,700 Ghanaian products in the U.S. market.
The Caucus warned that industries such as apparel, cocoa processing, and yam exports could face sharp declines, blaming the government for a lack of strategic policy direction in dealing with international trade shocks.
