10% US Tariff Doesn’t Affect Oil And Gas; Foreign Ministry After US Engagement

The Ministry of Foreign Affairs (MFA) says oil and gas are exempted from the 10% tariff imposed on Ghanaian goods exported to the United States of America (USA).

This was contained in a statement issued by the Ministry after consultation with the US Ambassador to Ghana, HE Virginia Palmer on Monday.

“The Ambassador of the United States of America, Her Excellency Virginia Palmer today honoured an invitation from the Minister for Foreign Affairs, Hon. Samuel Okudzeto Ablakwa (MP) to discuss the imposition of a 10% tariff by the United States of America on Ghana.”

In attendance were the Deputy Minister for Trade, Agribusiness and Industry, Hon. Sampson Ahi and other officials from his Ministry.

It was clarified that the tariff isn’t “maliciously” targeting Ghana but pursuant to the International Emergency Economic Powers Act of 1977 (IEEPA) to address significant trade imbalances between the USA and its partners.

Additionally, it was clarified that it exempts some products like oil and gas and energy-related products that Ghana exports to the United States.

Meanwhile, it emerged that products exported under the African Growth and Opportunity Act (AGOA) initiative are affected.

The meeting additionally discussed the possible exemption of other sectors, particularly cocoa and garments.

“Both sides agreed to work together to mitigate challenges including potential job losses.”

Following this, the two Ministries and the envoy resolved to undertake further engagements to devise means to mitigate and alleviate the effect of the tariff on Ghanaian businesses and the Ghanaian economy generally through bilateral and diplomatic means.

Source: opemsuo.com/Hajara Fuseini