Skip to main content

Ghanaian Exporters Rejoice as U.S. Scraps 15% Tariff on Cocoa and Other Products

 


The Importers & Exporters Association of Ghana (IEAG) has expressed its heartfelt commendation to the Government of Ghana, particularly the Ministry of Foreign Affairs, for successfully negotiating the removal of the punitive 15% export tariffs imposed by the United States on Ghanaian cocoa and other qualifying agricultural products. This decisive diplomatic achievement, effective as of November 13, 2025, marks a significant milestone for Ghana's trade community and export-driven growth.

The removal of tariffs is expected to restore duty-free or reduced-barrier access to markets for key Ghanaian products such as cocoa, avocado, cashew nuts, mango, and plantain, thereby safeguarding Ghanaian exporters' competitiveness and preserving vital foreign exchange inflows.

This development vindicates long-held concerns within the business community," said Samson Asaki Awingobit, Executive Secretary of IEAG. "The tariff impositions were already undermining Ghana's exporters' ability to compete internationally, eroding profit margins, discouraging production, and threatening jobs in export sectors."

Awingobit welcomed the government's diplomatic efforts, noting that IEAG had urged the government to double down on diplomatic negotiations and trade diversification to mitigate the risk of sustained U.S. protectionism. He cited the recent Ghana-China zero-tariff trade agreement as a timely relief and a diversification pathway that could reduce Ghana's reliance on the U.S. market.

However, IEAG cautioned against complacency, calling on the government to maintain this momentum by deepening trade diplomacy, strengthening the export ecosystem, and bolstering export sector resilience. The association urged the government to prioritize the protection and diversification of Ghana's foreign exchange earnings by expanding the nation's export base.

The removal of tariffs is expected to have a positive impact on Ghana's economy, as gold, cocoa, and oil accounted for 83.4% of the country's total exports in 2024. A stronger export sector can contribute to external liquidity, support currency stability, and reduce reliance on foreign borrowing.

We applaud the government's diplomatic success in securing the reversal of the U.S. tariffs," Awingobit said. "We believe this outcome is a testament to the effectiveness of persistent trade diplomacy and the strategic foresight of national policymakers. We remain committed to working alongside government, as a constructive partner, to translate this opportunity into sustained export capacity, greater value addition, and stronger foreign exchange inflows."

Labels:

Comments

Post a Comment

Popular posts from this blog

Fitch Solutions retains 2025 growth rate projection at 4.2%

 Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...
Post a Comment
Read more

BoG injects $20m into FX market to support 11 BDCs

  The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...
Post a Comment
Read more

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

  As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...
Post a Comment
Read more