Ministers of Trade, Finance and Foreign Affairs to engage US ambassador on US tariffs

The Ministry of Trade, Agribusiness & Industry is set to meet the US ambassador to Ghana today April 7^th to hold talks on the recent tariff hike crisis hitting the country. The leaders of the industries assured major exporters including the private sector, investors and the general public of government’s relentless commitment to engage the United States on the state of the current tariff on Ghanaian goods.

The aim of this engagement is to avoid possible trade disruptions and in the country.

According to a statement, the Ministry said the Ministers of Trade, Agribusiness & Industry, Finance and Foreign Affairs will lead these engagements with the US Ambassador to Ghana.

The statement also added that as a matter of urgency, relevant stakeholders will be engaged to assess the extent of the full impact of the new tariffs on the country’s economy.

The statement explained, “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”

President of the United States, Donald Trump announced a 10% universal tariff effective April 5, on imports from all countries into America. Goods that were on transit as of the date were however, exempted.

The reciprocal tariffs were also imposed on more than 50 countries with various rates ranging from 11% to 50%.

The Executive Order imposes tariffs under the authority of the International Emergency Economic Powers Act of 1977 (IEEPA), citing concerns over the economic and national security impacts of the country’s global trade deficits. However, the order exempts specific products from the broad, reciprocal tariff measures. Excluded items include copper, pharmaceuticals, semiconductors, lumber products, energy and energy-related goods, as well as select critical minerals.

Accorging to the Trade Ministry, the US has ready market for various commodities and products from Ghana, such as cocoa derivatives, shea butter, gold jewellery, apparel, horticulture products including root crops (Yam), fruits, vegetables, cashew, etc.

The ministry further stressed government’s commitment to keep the private sector players adequately informed on the details of the imposition in order to avoid disruptions in trade.