Ghana’s Minister for Trade and Industry, K.T Hammond, has announced plans to reintroduce the import restrictions bill to parliament in the near future. The Legislative Instrument (LI), which was initially met with opposition and subsequently withdrawn, has not been abandoned.
The bill, which was suspended in December 2023, aimed to compel importers of certain restricted items to seek licenses from a committee set up by the Trade Minister. These restricted items included poultry, rice, sugar, diapers, and animal entrails.
Despite facing opposition from traders, importers, and the minority in parliament, Mr. Hammond assured that the LI will be reintroduced to fulfill its original purpose of protecting local manufacturers from the influx of cheap imported goods.
During the 30th-anniversary celebration of Rose Aluminium Company and the 65th birthday of the company’s founder, Vivian Serwaa Adu, Mr. Hammond highlighted the need to curb the importation of essential items, such as animal intestines, which are predominantly imported into the country.
Dr. Tony Oteng-Gyasi, Chairman of the Board of Tropical Cable and Conductor Limited, also emphasized the importance of protecting local companies and welcomed the reintroduction of the restriction bill.
Mr. Hammond cited examples from Malaysia and Singapore, where similar decisions were taken to protect indigenous companies and promote global competitiveness, as a rationale for the need to take bold decisions to save the Ghanaian economy.
Furthermore, he reassured that the bill’s reintroduction is essential to cleanse the import sector and protect local producers in Ghana. This move, according to Mr. Hammond, will prevent a few individuals from holding the economy hostage.
The reintroduction of the import restrictions bill is seen as a significant step towards regulating the importation of goods in Ghana and promoting the growth of local industries. As the government presses forward with this initiative, it is expected to generate a positive impact on the country’s economic landscape.
