Ghana to be minimally affected by U.S. Tariffs – Fitch Solutions
By: Solomon Nartey Tetteh
Ghana is expected to be among the least affected countries in Sub-Saharan Africa by the new U.S. tariffs announced by President Donald Trump.
The UK-based research firm ranks Ghana 42nd out of Sub-Saharan African countries in terms of exposure to the new U.S. trade measures. A 10% reciprocal tariff has been imposed on Ghanaian exports, with cocoa, textiles, and certain agricultural products expected to feel the greatest impact.
The report, titled Effective U.S. Reciprocal Tariff Rates, shows a varied impact across the continent. The Democratic Republic of Congo tops the list as the hardest-hit country in the region, followed by Somalia, São Tomé and Príncipe, Niger, and Eritrea. On the other end, Equatorial Guinea is expected to be the least affected. The U.S. tariffs are part of a broader trade strategy by President Trump during his second term in office. Between January and April 2025, the average effective U.S. tariff rate soared from 2.5% to a staggering 27% marking the highest level in over a century.
Fitch Solutions has raised concerns about the economic outlook for oil-exporting countries in Sub-Saharan Africa. The firm warns that declining global oil prices could severely impact fiscal stability in countries like Angola and Nigeria.
Since April 2, Brent crude prices have dropped by nearly 15%, driven by fears of a global slowdown and the accelerated return of oil supply by OPEC+. Both Angola and Nigeria based their 2025 budgets on oil price projections that now seem overly optimistic, US$70 per barrel for Angola and US$75 for Nigeria. With current prices falling short, Fitch says both economies face mounting pressure on government revenues and foreign exchange reserves.
