Press statement on Donald Trump’s tariff increase and its impact on Ghana’s economy

News Ghana, Latest Updates and Breaking News of Ghana, VEK, https://newsghana.com.gh/press-statement-on-donald-trumps-tariff-increase-and-its-impact-on-ghanas-economy/The Importers and Exporters Association of Ghana expresses deep concern and displeasure over the recent imposition of a 10% tariff increase on imports from Ghana by the United States government, led by President Donald Trump.

This decision represents a blatant disregard for the protocols and principles upheld by the World Trade Organization (WTO) and must be strongly condemned.As an association representing the interests of Ghanaian importers and exporters, we believe this tariff hike poses significant threats to our economy and the livelihoods of countless Ghanaian businesses and workers. The repercussions of this decision are far-reaching and will have dire consequences in the following areas:1.



Adverse Impact on Exports: The increased tariff will make Ghanaian exports less competitive on the U.S. market, leading to a potential decline in demand and revenue for exporters.

2. Loss of Jobs and Increased Inequality: With reduced export opportunities, businesses within the export sector may be forced to downsize, resulting in job losses and widening income disparities in the country.3.

Increase in Interest Rates: The economic strain caused by declining exports may lead to financial instability, compelling banks to raise interest rates, making credit even more expensive for businesses and individuals alike.4. Negative Effect on Trade Balance: A decline in exports coupled with sustained import levels could worsen Ghana’s trade deficit, putting additional pressure on the national economy.

5. Reduction in Economic Growth: The combined effects of these challenges will inevitably slow down economic growth, affecting national revenue and development prospects.In light of these pressing concerns, we call on the Ministry of Trade, Agribusiness, and Industry, as well as the Ministry of Foreign Affairs and Regional Integration, to promptly engage all relevant stakeholders in an urgent dialogue to analyze the full implications of this tariff increase on Ghana’s economy.

We urge them to explore appropriate measures to mitigate the impact and, where necessary, seek diplomatic engagement with the United States government to reconsider this unfavorable policy.We also appeal to the Ghanaian government to take proactive steps to support the exporting community by providing incentives and relief measures to cushion affected businesses and entrepreneurs.We stand in solidarity with our exporters and business community and urge all relevant authorities to act swiftly in addressing this pressing issue.

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. Samson Asaki AwingobitExecutive SecretaryImporters and Exporters Association of GhanaCc: All Media Houses News Ghana, Latest Updates and Breaking News of Ghana, VEK, https://newsghana.com.

gh/press-statement-on-donald-trumps-tariff-increase-and-its-impact-on-ghanas-economy/.