00:00David Fuli-Aivo has been managing his food processing business in Accra for over six years.
00:07Until recently, the United States was his primary export destination and a key growth market for his company.
00:16The American market is very important to us, number one, because of the stability of the dollar.
00:24Because once you are dealing with foreign currency and dollar, for that matter, it helps your business to grow faster.
00:33And also regarding the purchasing power, the Americans have the pocket to be able to afford our products.
00:40And thirdly, it's the fastest growing market in terms of natural products.
00:45However, the newly imposed 15 percent tariff on Ghanaian exports to the U.S. has disrupted Aivo's plans.
00:53He's now pivoting his business strategy to stay afloat.
00:58What we are doing currently is to focus on the domestic markets.
01:02I mean, domestic markets, what I mean by that is the sub-region.
01:06So we are working with countries around the sub-Saharan Africa to be able to have a stronghold in the sub-Saharan Africa region
01:15before we can stand on that and then now penetrate the global markets.
01:20Before the tariff hike, Ghana and other African nations enjoyed duty-free access to the U.S. under the African Growth and Opportunity Act AGWA.
01:31However, Trump's tariffs override AGWA provisions, meaning Ghanaian exporters must now pay reciprocal duties.
01:41In 2024, total goods trade between the U.S. and Ghana reached $2.1 billion.
01:48U.S. exports to Ghana stood at $967.3 million, while imports from Ghana totaled $1.2 billion, resulting in a trade deficit of $204.4 million for the U.S.
02:05Analysts say Ghana must adapt quickly.
02:09Ghana, for example, 70% of everything we use is imported.
02:14So, President Trump's decisions and actions are to be taken very seriously if we want to remain as a force in the global community and as continent.
02:28So, the proposal is that we have to begin to produce and consume the things that we have local capacity to produce within the continent.
02:39It is important that as continents, we deepen the trade between and among each other so that we have less reliance on the U.S. economy.
02:51With the Trump administration doubling down on tariffs, many small African businesses are now rethinking their strategies, placing less emphasis on the U.S. market and exploring new opportunities closer to home.
03:08Analysts will allow the U.S. economy worldwide for the U.S. faremusic or poor 큰 Edison to protect the вроде trade."
03:26goggles rope Plaidão
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