Editorial: Global trade dynamics shifting, so we must adjust or perish

Mr. Adomako highlighted the need for Ghana and other African nations to use the African Continental Free Trade Area (AfCFTA). This can help reduce the economic impact of tariffs.

The Minority in Parliament supports this view. They urge the government to prioritize implementing AfCFTA. This comes after the U.S. imposed a 10% tariff on Ghanaian exports.

Samson Asaki Awingobit, Executive Secretary of the Importers and Exporters Association of Ghana, called the tariff a major setback for exporters. Economic experts suggest that local trade partners should diversify exports within AfCFTA.

Economist Professor Godfred Bokpin believes we should focus on expanding trade within AfCFTA. He emphasizes improving our export sector's competitiveness instead of complaining.

As global trade changes, experts agree that proactive measures are crucial. Regional trade expansion and enhancing local production can protect Ghana’s economy.

Last Wednesday, President Donald Trump announced new tariffs, causing a global stock market sell-off. U.S. markets experienced their worst day since the Covid pandemic began in 2020. Traders fear these tariffs will raise prices and slow growth worldwide.

The International Monetary Fund (IMF) also expressed concerns about these tariffs. They warn that such measures could threaten an already fragile global economy.

IMF Managing Director Kristalina Georgieva stated that these tariffs pose significant risks during sluggish growth periods. The IMF will assess the tariffs' impact in its upcoming World Economic Outlook report later this month during its Spring Meetings with the World Bank.