Ghana Union Traders Association (GUTA) does not expect a big impact on its members’ business interests from Donald Trump’s re-election, despite his protectionist policies.
Trump’s return to the White House has raised questions in Africa about how his “America First” stance could impact trade relations with developing nations.
The United States still provides significant aid to Africa, but China is now the continent’s biggest trading partner.
In early 2024, trade between China and Africa reached over $166 billion, highlighting competition with the U.S. China is present in Africa.
In his first term, Trump started the “Prosper Africa” initiative to increase trade between the U.S. and Africa and compete with China’s BRI.
Various U.S. supports helped. Prosper Africa gave American businesses resources to support economic growth in Africa and meet the needs of the growing middle class.
Trump’s possible return to protectionist policies could create difficulties for African countries by favoring American businesses and restricting trade with other countries.
This change may limit Ghana’s economic prospects and shift U.S. priorities elsewhere. Investments within the continent are influencing trade dynamics.
The Prosper Africa initiative may benefit Ghanaian businesses, but uncertainty looms over U.S.-Africa trade relations due to Trump’s protectionist policies and competition with China.
Dr. spoke during the 2024 Power and Energy Ghana Expo about GUTA. Joseph Obeng said that GUTA does not think local businesses will be greatly affected by a Trump administration. Instead, they plan to focus on how to stay competitive with the global superpower.
We conduct business in a way that follows the norms of each country we operate in.
He explained that trading successfully involves doing the right things, getting the right attractions, and using your advantages, regardless of who is in office.
