Ghanaian Economist Challenges Conventional Wisdom on Tariffs

Ghanaian Economist Challenges Tariff Approach to Trade Imbalances Brussels, Belgium – Dr. Mahamudu Bawumia, former Vice President of Ghana, recently delivered a compelling presentation at the 2025 IDU Global Trade Uncertainty Forum in Brussels. His central argument: imposing tariffs is not an effective solution for addressing trade imbalances. Bawumia's remarks drew upon historical examples, illustrating the ineffectiveness of protectionist trade policies. "History has shown that such a move doesn’t work," Bawumia stated, emphasizing the need for a more comprehensive macroeconomic approach. He supported this claim by citing specific instances where high tariffs led to negative consequences. The video features a segment where he details significant global trade imbalances, using data to demonstrate the disproportionate share of global trade held by certain regions compared to Africa. Bawumia's presentation provides valuable insight into the complexities of global trade and the limitations of simplistic solutions to economic challenges. His call for a more holistic strategy underscores the need for policymakers to consider a broader range of factors when addressing trade deficits.