Fitch Solutions, a research firm based in the UK, has forecasted that Ghana will be one of the least impacted economies in Sub-Saharan Africa in light of the recent US tariff measures announced by President Donald Trump. In a regional ranking released by the firm, Ghana ranks 42nd in terms of vulnerability to the new US tariff regime, suggesting it has relatively limited exposure compared to its counterparts. The country is set to face an effective reciprocal tariff rate of 10%, with cocoa, textiles, and certain agricultural exports identified as the sectors most likely to be affected. Fitch’s “Effective US Reciprocal Tariff Rates” index takes into account not only headline duties but also exemptions and sector-specific levies.
The index indicates that the Democratic Republic of Congo, Somalia, Sao Tome and Principe, Niger, and Eritrea will experience the highest tariff pressures in the Sub-Saharan region, while Equatorial Guinea is projected to be the least affected among the 48 Sub-Saharan economies evaluated.
Other Sub-Saharan Economies May Experience Macroeconomic Pressure
However, the broader Sub-Saharan African region may experience renewed macroeconomic pressure, particularly among oil-exporting countries, due to a sharp decline in crude prices. Brent crude has fallen nearly 15% since April 2, 2025, with analysts warning of further downside risks tied to weakening global demand and OPEC+’s decision to increase supply. “We believe that SSA’s oil-exporting markets will come under significant pressure should global oil prices fail to recover.
Among the larger markets, Angola and Nigeria are particularly vulnerable given their structural dependence on oil as a source of both government revenue and foreign exchange,” Fitch noted. While Ghana appears shielded from the worst effects, analysts caution that targeted sectors such as cocoa and textiles, both of which form a meaningful part of Ghana’s export base, may still face disruptions, especially if key US buyers diversify sourcing to avoid elevated costs.
Trump Imposes Tariffs On Global Trade, Ghana Hit With 10%
Background
US President Donald Trump escalated a global trade war 3 weeks ago by imposing sweeping tariffs on imports from both allies and adversaries, sending financial markets into turmoil and disrupting long-established free trade norms.
President Trump announced plans for the sweeping tariffs on Wednesday, asserting that the US had been “looted, pillaged, raped, and plundered” by other nations. He imposed a 10 percent tariff on most goods imported into the US, but levied much higher rates on key trade partners, including both friends and foes, fueling a global trade war with the potential to trigger inflation and impede economic growth.
The European Union and China immediately vowed retaliation against the levies, while Australia’s leader described the new tariffs as “not the act of a friend” and expressed concern that they would damage the close allies’ relationship.
