Dr. Ishmael Dodoo Urges Government to Rethink Trade Strategy Amid Global Tariff Pressures
Dr. Ishmael Dodoo, Head of Innovative Finance, Partnerships, Markets, and the 24Hr Economy, shared a compelling perspective on Ghana’s economic strategy in light of the ongoing global tariff disruptions. Speaking during the NorvanReports and Economic Governance Platform (EGP) X Space discussion on “Trade Without Privilege: Can Ghana Compete in a Tariff World?”, Dr. Dodoo addressed the implications of tariffs imposed by the United States under President Donald Trump’s administration.
He suggested that the global trade landscape, which President Trump seeks to reshape by imposing tariffs, has created both challenges and opportunities for emerging markets like Ghana. While acknowledging the adverse effects of these tariffs on African exports, Dr. Dodoo noted that the U.S. approach stems from a desire to correct trade imbalances.
“Trump’s policies reflect his belief that the global trading system is skewed against the U.S., and tariffs are one way to recalibrate this imbalance,” Dr. Dodoo remarked.
He, however, emphasized that these developments should not prompt panic. Instead, he argued, Ghana should capitalize on regional markets, particularly within West Africa. “The focus should shift to the 425 million-strong consumer base in West Africa. With a market value of $1.3 trillion in agriculture, $22.7 billion in pharmaceuticals, and millions in textiles, there is immense untapped potential right on our doorstep,” he said.
Dr. Dodoo’s comments reflect a broader call for structural economic transformation within Ghana. He underscored the need to reduce the country’s dependence on imports, which currently account for 80% of its domestic consumption. By fostering local industries and strengthening domestic production capabilities, Ghana could not only mitigate the impact of external tariffs but also boost self-sufficiency.
“Ghana imports a significant portion of what it consumes, from poultry to rice, and that presents an opportunity to develop our domestic industries,” Dr. Dodoo pointed out. He highlighted sectors such as manufacturing, pharmaceuticals, and agriculture, where Ghana could significantly reduce its import dependency.
Dr. Dodoo also emphasized the importance of leveraging innovation to adapt to the changing global environment. “This is a time for Ghana to focus inwardly. We must be creative and innovative, exploring how to better integrate regional markets and optimize the trade of goods and services within West Africa,” he noted.
Furthermore, he called for a shift in how Ghana and the broader African continent approach their role in global trade. Rather than continuing the historical trend of exporting raw materials and importing finished products, Dr. Dodoo advocated for the development of local value chains.
“Now is the time to reverse this model, add value to our resources, and invest in industries that can meet local demand and compete globally,” he concluded.
Dr. Dodoo’s remarks underscore a growing sentiment among African policymakers that the continent’s future prosperity lies in strengthening regional trade and reducing reliance on external markets. By doing so, Ghana could better weather the storm of global economic shifts and emerge more resilient in the face of evolving trade policies.
