The United States’ recent decision to impose a 10% tariff on imports from various countries, including Ghana, has stirred concern about its potential impact on the global economy, with particular attention on major cocoa-producing nations. As the second-largest exporter of cocoa in the world, Ghana relies heavily on this sector, with cocoa accounting for over 62% of the country’s total exports in 2024. The move by U.S. President Donald Trump targets a broad range of goods, including garments, textiles, cashews, and cocoa products.
Ghana’s cocoa industry has been a significant trade partner with the U.S., with the country exporting $154 million worth of cocoa beans in 2023. The newly introduced tariff has raised questions about its impact on Ghana’s national revenue and the broader cocoa industry. However, despite these concerns, the President of the Ghana National Cocoa Farmers Association, Stephenson Anane Boateng, believes the effect on local producers will be minimal.
Boateng argues that since Ghana is the source of cocoa, the demand will remain consistent, and the tariff will not heavily affect local production. “We are the producing country; people are demanding from us, so the tariffs imposed on exportation into the U.S. is not a big deal,” he stated. This view emphasizes that the imposition of the tariff is more of an added cost rather than a devastating blow to the industry.
Moreover, Boateng suggested that local chocolatiers might mitigate the impact of the tariffs by passing the additional costs onto consumers. This could help ensure that the local cocoa industry remains resilient despite the tariff’s potential to disrupt trade relations between the U.S. and Ghana.
Source: Citi newsroom