10 Must Know from Theo Acheampong on US-Ghana Trade and Trump’s Tariffs

1. Total US-Ghana trade reached $2.1 billion in 2024, with $967 million in US exports to Ghana and $1.2 billion in imports from Ghana, showing a decrease from 2023 levels.
   
2. The trade deficit with Ghana was $204 million in 2024.
   
3. Ghana’s key exports to the US in 2023 were crude petroleum (71%) and cocoa beans/paste (13%).
   
4. The US mainly imported cars (25%) and petroleum products (23%) from Ghana.
   
5. Tariffs may affect cocoa products, particularly beans, but are less likely to impact petroleum products due to the complex value chain dynamics.
   
6. Ghana should avoid applying retroactive tariffs on US imports to prevent raising consumer costs and worsening inflationary pressures.
   
7. US-Ghana trade constitutes roughly 6% of Ghana’s total foreign trade on the import side.
   
8. In comparison, China-Ghana trade accounts for 13% of Ghana’s exports and 18% of imports.
   
9. While significant, US-Ghana trade makes up a smaller portion of Ghana’s total trade compared to China.
   
10. Increasing tariffs could worsen Ghana’s inflation, which the central bank is already struggling to control.

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Great insights on US-Ghana trade: It hit $2.1B in 2024, but Trump’s tariffs may squeeze cocoa exports retaliation by Ghana could worsen inflation. https://t.co/Mlq6coSlBX

— The High Street Journal (@TheHighStreetJ) April 4, 2025

So what?

While US-Ghana trade is important, Ghana should be cautious about imposing tariffs in response to the US. Doing so could hurt consumers and make inflation worse. With stronger trade ties to other countries like China, Ghana has options to balance things out.