Louis Yaw Afful, the Group CEO of the AfCFTA Policy Network, has commented on the recent increase in tariffs imposed by former US President Donald Trump, stating that while it will drive up the cost of transport in international trade, it could ultimately benefit Ghana’s domestic trade and economy in the long run.
Speaking on Good Afternoon Ghana with Kwesi Afriyie on Metro TV, Afful suggested that the tariff hike should be seen as an opportunity for Ghana to focus more on domestic production and reduce its dependence on foreign imports.
Afful pointed out that while Ghana cannot influence or reverse the economic decisions made by the United States regarding tariffs, the country can strategically adapt and focus on strengthening its internal markets.
“It’s a blessing in disguise,” Afful said, emphasizing that the increase in tariffs could spur the country to pay more attention to improving local trade and boosting internal production.
He explained that the rise in transportation costs, caused by Trump’s tariffs, will make it more expensive for Ghana to import goods, pushing the country to find alternative solutions by focusing on developing and expanding domestic industries.
This, Afful argued, would not only reduce Ghana’s reliance on imports but also create opportunities for indigenous businesses to grow and thrive in a more self-reliant economy.
“This is a wake-up call for us,” Afful said. “Ghana needs to increase its internal production to reduce its dependency on imports. By strengthening our domestic trade, we’ll be empowering indigenous businesses and creating a more resilient economy.”
Afful further urged the government and business leaders in Ghana to view this challenge as a chance to revitalize local industries and focus on building a more robust, self-sufficient economy that can better withstand global economic fluctuations.
In conclusion, while acknowledging the immediate challenges posed by the tariff increase, Afful remained optimistic that Ghana’s focus on domestic production and trade would yield long-term benefits, positioning the country for more sustainable economic growth in the future.
