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Find all the economic and financial information on our Orishas Direct application to download on Play StoreGood news for Abidjan and Accra: the United States is lifting finally, customs duties that penalized cocoa exports from Africa from the West. Announced on November 24 by the head of Ghanaian diplomacy Sam Okudzeto Ablakwa, the decision puts an end to American taxes of 10 to 21% imposed since spring.
Signed on November 14 by Donald Trump, the decree abolishes duties on cocoa but also on other African agricultural products — cashew, bananas, mangoes, ginger, ginger, coffee, tea and spices — to stop American inflation. A gesture also encouraged by American giants chocolate, including Cargill, Hershey, and Mars.
For Ghana, the world's second largest producer, the impact is immediate: the measure should bring in an additional $60 million per year, while the country exports nearly 78,000 tons of cocoa to United States. A breath of fresh air for an economy recently hit by a debt crisis and record inflation.
Does Côte d'Ivoire, the world's largest producer, benefit also of this openness, strengthening its competitiveness on the American market. According to several economists, the lifting of taxes is a deal win-win: it supports West African public finances while guaranteeing a stable supply to American manufacturers.
In this context, Ghana is seeing its economic prospects, buoyed by the return of the confidence of investors, new IMF disbursements and better ratings financial.
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