A Financial Analyst, Mr Joe Jackson has said that the import restriction Legislative Instrument (L.I) should be rejected.
He stated that the bill that is seeking the restriction of the importation of some 22 selected strategic products such as sugar, rice, poultry, and tripe into the country, comes at a time when a roadmap to boost local production has not been introduced.
“Join me in opposing the Import Restriction Bill. It opens a vast avenue for ‘chop-chop’ without a plan to mitigate the resulting increased prices. Worse still, there is no roadmap to increase local production. Poor man suffers while Politicians enjoy,” he tweeted.
The Minister of Trade and Industry, K.T Hammond, is expected to lay the Export and Import Regulations 2023 before Parliament today Thursday, November 30 after the House on Tuesday deferred the laying of the legislative instrument.
There have been concerns that this bill, if approved is likely to have negative repercussions for the country.
For instance, the Director of Research at the Institute of Economic Affairs (IEA), Dr John Kwakye, has indicated that, if passed, the L.I will contravene the conditionalities in the programme with the International Monetary Fund (IMF).
Dr Kwakye said per the IMF conditions, all members are to refrain from imposing restrictions on trade or payments for current transactions hence passing such an L.I will likely lead to negative consequences.
“Import restrictions may contravene the conditions of Ghana’s ECF program–and indeed Ghana’s membership of the IMF. All members are to refrain from imposing restrictions on trade or payments for current transactions,” he tweeted.