The Trade, Industry and Tourism Committee of Parliament has welcomed calls from the United States Ambassador to Ghana, Virginia Palmer, for urgent dialogue over the 10 percent reciprocal tariff imposed on Ghana.
The new tariff policy, set to take effect this week, has sparked concerns within Ghana’s private sector. Industry experts warn that the policy could negatively affect exports and government revenue.
Speaking to Starr News, a member of the Committee, Mohammed Issah Battaglia, said the revenue of businesses will be severely hampered if the policy is allowed to stand.
“The imposition by the U.S. government will clearly be seen by some as a form of trade disruption. However, it is important to recognize that a sovereign country made a decision based on how it prefers to run its economy in the best interest of its people. It is up to us, as those impacted, to strategize and take immediate steps to engage with them, exploring how dialogue can lead to better outcomes for businesses. We are all aware of AGOA, and many exporters benefit from some form of tax-free trade.”
“At the same time, we cannot ignore the fact that the imposition of this 10 percent tariff will significantly affect trade. This situation also calls on us to rethink how we can come together under the African Continental Free Trade Area (AfCFTA) concept. Africa must begin to focus on intra-Africa trade. With a market targeting about 1.3 billion people, we need to develop strategies to facilitate trade within our own continent. This involves building infrastructure and putting mechanisms in place that will allow the 55 African countries to trade more freely among themselves, reducing the impact of external shocks on our economies. Ultimately, this should awaken us from the traditional ways of doing business and encourage long-term thinking on how we trade within Africa,” he added.
Source: Ghana/StarrFM103.5FM/Benjamin Sackey
