The Centre for Democratic Movement (CDM) has urged the government to implement a national export support legislation following the announcement of a 10% tariff on Ghanaian exports by the United States. In light of the impact this tariff could have on key export sectors, the CDM is calling for the establishment of a National Export Adjustment Facility, which would help local exporters manage the financial burdens imposed by the tariff.
The facility, according to the CDM, could be funded by petroleum windfalls or through levies. The proposed support mechanism would aim to help exporters with trade logistics, financial assistance, and adjustments necessary to adapt to the challenges brought about by the new tariffs. This proposal reflects the CDM’s concern for the potential negative impact on sectors such as cocoa processing, textiles, and agriculture—industries central to Ghana’s economy.
The CDM also advocates for a strategic shift in Ghana’s economic policies, particularly in relation to the government’s One District, One Factory (1D1F) initiative. The CDM suggests that the initiative should be realigned to focus more on export-oriented production rather than just domestic supply. This would encourage industries to add more value to their products, reducing the country’s dependence on exporting raw materials, and enhancing the competitiveness of Ghanaian goods in the international market.
The CDM stresses that a comprehensive, law-based approach to addressing these challenges is essential. They believe that such a move, along with a more diplomatic and collective national response, could help mitigate the effects of the tariff shock and create a more resilient export economy for Ghana.
In summary, the CDM is urging the government to act quickly and implement a national export support mechanism to help mitigate the economic effects of new tariffs and foster long-term stability and growth in Ghana’s export sectors.
