Businesses must act fast to mitigate US trade tariff hike - Dr Spio-Garbrah

Dr. Ekow Spio-Garbrah, a former Minister of Trade and Industry, has urged Ghanaian businesses to act quickly. He wants them to address the recent 10% tariff hike imposed by the United States.

These tariffs, set by President Donald Trump, range from 10% to 50%. They affect Ghana and over 180 other countries. Dr. Spio-Garbrah believes this poses a serious threat to Ghana's economy.

He spoke at the 2025 Ghana Corporate Finance Awards in Accra. He emphasized that businesspeople must prepare for these challenges. They need to make strategic decisions to lessen the impact.

Dr. Spio-Garbrah also called on the government for support. He suggested reducing imports of items that can be produced locally. This would help protect Ghanaian industries.

Mr. Prince Kofi Amoabeng, a well-known businessman, echoed similar sentiments. He stressed the importance of building ethical business leaders with national values.

He noted that while entrepreneurial skills have been developed, value-oriented leadership is lacking. Training such leaders is crucial for giving hope to the nation.

Amoabeng encouraged corporate finance professionals to focus on creating ethical leaders. These leaders should drive success and positively impact society.

The Ghana Corporate Finance Awards 2025 celebrate hard work and dedication in business. The event recognizes banks and financial institutions for their achievements in performance and innovation.