Business

Gov’t assures swift action on U.S. tariffs to safeguard investments, trade

The Ghanaian government has reassured the private sector, particularly exporters and investors, of its prompt response to the recently imposed 10% universal tariffs by the United States on imports from Ghana and other countries. The U.S. announced the tariffs on April 2, 2025, effective April 5, 2025, with goods already in transit exempted.

A 10% tariff will be applied to imports from all nations, including Ghana. Additional tariffs ranging from 11% to 50% will target over 50 countries, effective April 9, 2025. Certain products, such as copper, pharmaceuticals, and semiconductors, are exempt from the tariffs.

“The Ministry, as a matter of urgency, is also engaging relevant stakeholders to determine the extent of the effect and assess the full impact of the US tariffs on the country’s economy. Furthermore, various strategies are under consideration to mitigate the immediate impact on Ghana’s trade,” the statement issued by the Ministry of Trade, Agribusiness and Industry indicated.

“The Executive Order specifically exempts certain products from the universal and reciprocal tariffs. These products include copper, pharmaceuticals, semiconductors, lumber articles, energy and energy products, and certain critical minerals,” it added.

Ghanaian exports to the U.S. currently benefit from duty-free, quota-free access under the African Growth and Opportunity Act (AGOA). The U.S. is a vital destination for Ghana’s key exports, including apparel, cocoa derivatives, gold jewelry, shea butter, fruits, vegetables, yams, and cashews.

“The government is committed to ensuring that the private sector is well-informed on the details of the imposition to avoid trade disruption as well as ensure predictability of investment decisions in the country,” the Ministry stated.

To ensure minimal disruption and maintain investor confidence, the Ministers of Trade, Agribusiness & Industry, Finance, and Foreign Affairs will engage the U.S. Ambassador to Ghana on April 7, 2025, to discuss the tariffs and their implications.