Financial Analyst with Dalex Finance, Joe Jackson, has described the import restriction bill proposed by the Minister of Trade and Industry, Kobina Tahir Hammond, as a horrible idea.
According to him, the move is to create an avenue for government to loot money.
Speaking on Citi TV's The Big Issue programme monitored by GhanaWeb Business, Joe Jackson said there
Read full article.are no clear, definite ways which show how the Legislative Instrument (LI) on the import restriction bill will incentivize local producers to meet local demand.
He said, "The problem I have with the LI is that the LI can only make sense if we have a definite programme to expand the production of those sectors or areas and say it is a progressive thing and so we are going to this, we are going to meet demand; maybe this is what we will do in year 1, year 2, to year 5 and in the process, we are going to incentivize the sectors to move production local. Otherwise, what are we doing?"
"The LI as it is now, without clear cut issues on how we are going to move, I think it is a horrible idea...isn't this an avenue for corruption, isn't it an avenue for making life already harder than it is," the financial analyst bemoaned.
Meanwhile, the Minister of Trade and Industry, Kobina Tahir Hammond, has said traders who want to import any item listed in the proposed import restrictions will need to seek approval.
He explained that the import restriction bill on the 22 commodities aims at developing the country, encouraging local production and not to create food shortages as perceived by many.
Below are the list of 22 items considered for import restriction:
Rice
Guts, bladders and stomachs of animals
Poultry
Animal and vegetable oil
Margarine
Fruit juices
Soft drink
Mineral water
Noodles and pasta
Ceramic tiles
Corrugated paper and paper board
Mosquito coil and insecticides
Soaps and detergents
Motor cars
Iron and steel
Cement
Polymers (Plastics and Plastic Products)
Fish
Sugar
Clothing and apparel
Biscuits
Canned tomatoes
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Financial analyst with Dalex Finance, Joe Jackson
