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Reject import restrictions bill – Six business groups petition Parliament
Six business associations, which will be affected by the import restrictions bill, have submitted a petition to Parliament in opposition to the proposed legislative instrument.
The groups under the umbrella name, Joint Business Consultative Forum include the Ghana Union of Traders’ Associations (GUTA), Food and Beverages Association of Ghana (FABAG), Importers and Exporters Association of Ghana, Ghana Institute of Freight Forwarders (GIFF), Chamber of Automobile Dealership Ghana (CADEG), and Ghana National Chamber of Commerce and Industry (GNCCI).
The bill, if passed, will restrict the importation of 22 products in the country.
Tempers flared up last Friday when the legislative instrument was laid in Parliament, with the Minority opposing it.
The Minority argued that the LI if passed, would benefit only a section of the New Patriotic Party members.
In a petition dated November 26, the business six associations argued that if passed, the L.I. will adversely affect the prices of goods, the free flow of goods, and could also cripple businesses.
The groups are therefore calling on Parliament to reject the bill.
“We vehemently oppose this LI and would appreciate its immediate rejection by Parliament to allow for proper consultations and dialogue to take place.”
“We strongly oppose this LI on the following grounds: The price of most products mentioned in the Ministry of Trade and Industry policy proposal will result in serious price hikes, as competition will be severely restricted.”
They stressed, “The Minister is the ultimate decision maker on which companies end up trading in each of these items. This will eventually lead to a monopolistic or oligopolistic position for a few select businesses in the country at the expense of many smaller businesses.”
They also expressed fear that the permit system will hinder the flow of goods from other countries.
“The permit system will definitely hinder the flow of goods from exporting countries to receivers in Ghana since importers would no longer be able to rely on market demands to dictate the quantities to be ordered, as companies will be at the whims of the Minister of Trade and Industry.”
“Typically, orders would normally take a minimum of 3 months from purchase date to delivery, assuming there is no bureaucratic involvement in the decision-making process.”
The importation of ‘Yemuadie’ (tripe), rice, diapers, and other products will be restricted if the LI is passed.
Source: Citinewsroom.com
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GEXIM deepens relations with US EXIM Bank
A management team of the Ghana Export – Import Bank (GEXIM) led by the Acting Chief Executive, Sylvester Mensah met with the leadership of the Export–Import Bank of the United States (US EXIM) on Wednesday April 23, 2025 in Washington DC, United States of America.
The Acting President and Chairman of US EXIM, Mr. James C. Cruse and Vice President, International Relations, Ms. Isabel Galdiz received the GEXIM delegation, which included Deputy CEO for Banking, Mr. Moses Klu Mensah and Head of International Cooperation, Mr. Jonathan Christopher Koney at the headquarters of US EXIM.
The meeting offered the GEXIM team the opportunity to share the strategic direction of the Bank in line with the resetting agenda of the President of the Republic, His Excellency John Dramani Mahama for the repositioning of the Ghanaian economy into an export-led one by providing the requisite investment to Ghanaian businesses.
Mr. James C. Cruse expressed US EXIM’s eagerness to deepen its existing relations with GEXIM and proposed the signing of a new Cooperative Framework Agreement following the expiration of a Memorandum of Understanding signed in 2019 to utilize US EXIM’s medium term loan guarantees to procure machinery by GEXIM for qualified Ghanaian Small and Medium-sized Enterprises (SMEs).
Mr.Sylvester Mensah thanked the Acting President and Chairman of US EXIM for hosting the GEXIM delegation and reaffirmed the Ghanaian government’s commitment to strengthening trade and investment between Ghana and its global partners for economic transformation of Ghana with GEXIM playing a pivotal role.
The two teams will be meeting on the sidelines of the 2025 US EXIM Annual Conference on 29th and April 30, 2025 to explore possible areas of collaboration and matching Ghanaian businesses to American companies. The meeting ended with an exchange of gifts.
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Many SOEs have been used as mere instruments for personal wealth accumulation –Pres.Mahama
President John Dramani Mahama has expressed concern over the misuse of State-Owned Enterprises (SOEs) for personal financial gain by individuals in leadership positions.
Speaking during a meeting with Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, the President directly attributed the dire state of SOEs to their leadership, accusing chief executives, management teams, and governing boards of prioritising personal enrichment over organisational efficiency.
He pointed to bloated budgets, unjustified allowances, and unnecessary expenditures as factors draining public funds while SOEs continue to rely on government bailouts.
“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The chief executives, management, and boards of these enterprises are responsible for this situation. Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them. Many of these entities are at their lowest point in the entire history of the Fourth Republic,” he said.
President Mahama further noted that many SOEs have been plagued by inefficiencies, corruption, and mismanagement, leading to consistent financial losses. He cited the 2023 State Ownership Report by the State Interests and Governance Authority (SIGA), which highlighted systemic inefficiencies and wasteful expenditures within these entities.
He therefore reaffirmed his commitment to reforming under-performing SOEs and ensuring they serve national interests.
He warned that loss-making SOEs will no longer be tolerated and will either be merged, privatised, or closed.
“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he added.
Source: Myjoyonline.com
