A former Minister of Trade and Industry, Dr Ekow Spio-Garbrah, has asked Ghanaian businesses to take immediate strategic actions to mitigate the effects of the recent United States (US) trade 10% tariff hike.

He noted that US President Donald Trump-imposed export tariffs, ranging from 10 to 50 per cent on Ghana and over 180 countries, posed a significant threat to Ghana's economy and businesses.

Dr Spio-Garbrah said this at the 2025 Ghana Corporate Finance Awards, held by the Entrepreneurs Foundation of Ghana, at the weekend in Accra.

“Businesspeople have to prepare and take the remedial measures and take appropriate strategic decisions to forestall the impact. What the Government can do to aid the business community is a political and governmental decision,” he said.

The former Trade Minister urged the Government to institute measures to reduce the number of items imported by state-owned institutions, which could readily be manufactured in the country.

“Our government can take some measures to alleviate the likely impact of some of these international actions in the domestic economy through at least protecting the Ghanaian industry and preventing us from importing things that we can readily produce, manufacture, sell, and distribute here in Ghana,” he added.

Mr Prince Kofi Amoabeng, a renowned Ghanaian businessman, called for the building of business and financial manpower with a priority on ethical and national values.

Over the years, the nation had focused on building entrepreneurial and financial leaders but neglected the creation of value-oriented leaders, he said. 

He indicated that when such leaders are trained, the country would give hope a chance: “Otherwise we will not have the chance to turn things around and change the narrative....”

“As you do your financing and business, think about how we create leaders for the next generation who are caring of other people and their country and have respect for systems and are God fearing,” Mr Amoabeng said.

He challenged people in the corporate finance and entrepreneurship space to devote their attention to investing in creating special leaders that would be ethical in their decisions, drive success and create positive impact.

The Ghana Corporate Finance Awards 2025 is a symbol of prestige that validates an organisation’s hard work and dedication as well as the exceptional achievements of business executives.

The awards ceremony also celebrates banks and financial institutions that have achieved remarkable success and growth, recognising institutions with excellence in financial performance, customer service, operational efficiency and market innovation for their contributions to the sector.