Ghanaian President John Dramani Mahama said that the zero-tariff policy with China will further boost trade between the two countries, as Ghana seeks to sync up on product standards to increase exports to China.
In an interview with China Media Group (CMG) aired Friday, the president hailed the economic and trade cooperation with China. Ghana is among the first sub-Saharan countries to establish diplomatic relations with China and remains an important strategic partner of China in Africa.
In 2024, the trade volume between Ghana and China reached 11.8 billion U.S. dollars, with an annual growth rate exceeding 7 percent, and this growth momentum has continued into 2025.
"Actually, China is Ghana's biggest trading partner, and trade between Ghana and China has continued to grow exponentially. The zero-tariff policy is now kicking in and so I believe that it will create a conducive atmosphere for us to grow that trade even more," he said.
To achieve truly sustainable growth, China and Ghana are working together to address practical challenges and align their economic strategies, moving from trade in raw materials to a more value-added collaboration, the president noted.
"We're looking on the Ghanaian side for Chinese industries to come and help us add value to the products that we have, so that we can export back into the Chinese market. Apart from that, there's the important issue of harmonization of standards. China has about 40 standards and so we need to harmonize our standards with the Chinese standards so that it makes it easier for us to export into the Chinese market. So those are the areas that are ironing out and I think that we can reach an understanding as long as the relationship between us is what it is," said the president.
Zero-tariff policy to boost Ghana-China trade: Ghanaian president
U.S. consumer confidence dropped slightly in May as persistently high gasoline prices and inflation continue to strain household budgets, according to the Conference Board Consumer Confidence Index, which dipped 0.7 points to 93.1 in May, down from an upwardly revised 93.8 in April.
The Present Situation Index, which is based on consumers' assessment of current business and labor market conditions, retreated by 3.2 points to 121.2.
Conversely, the Expectations Index, based on consumers' short-term outlook for income, business, and labor market conditions, rose by one point to 74.4.
The survey period for the month's preliminary results spanned May 1 to May 19, a timeframe heavily impacted by the ongoing conflict in the Middle East, which continues to place significant upward pressure on global prices.
"Consumer confidence edged downward in May as the inflationary impacts of the war in the Middle East intensified," said Dana M. Peterson, chief economist at The Conference Board.
"Consumer appraisals of current business conditions and the current labor market were moderately less positive compared to last month. This was somewhat offset by modest improvements in consumers' expectations for business conditions and the labor market six months from now. Meanwhile, income expectations eased in May, as those anticipating less income rose,” he said.
The decline in the Conference Board's metric aligns with a separate gauge of consumer sentiment compiled by the University of Michigan, which dropped to a record low this month.
Across the U.S. economy, spikes in gasoline prices and higher food costs have worsened overall inflation. This upward price pressure has outpaced the growth in average paychecks in recent months, effectively reducing the purchasing power of many Americans.
The oil price shock remains the primary driver of consumer anxiety, with average gasoline prices nationwide hovering around 4.50 U.S. dollars a gallon in May, a sharp increase from around 3 dollars at the end of February.
Inflation, high gas prices dent U.S. consumer confidence
