Business Associations rally against Government’s proposed Import Restrictions Bill
In a significant development, six prominent business associations have united in a collective plea to Parliament, vehemently urging the rejection of the government’s proposed import restrictions bill orchestrated through the Ministry of Trade and Industry.
The Joint Business Consultative Forum, a coalition representing influential bodies including 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), submitted a compelling petition outlining their shared apprehensions.
Expressing grave concerns over the potential ramifications on their respective industries, the associations underscored the following key points in their petition, dated Sunday, November 26, 2023.
The coalition contends that the proposed legislation, if enacted, could precipitate serious price hikes across a spectrum of products. The restriction on competition, they argue, would be a contributing factor to this undesirable outcome.
There are palpable fears within the business community that the bill, in its current form, could disrupt the seamless flow of goods, posing logistical challenges that could reverberate throughout the supply chain.
Of particular concern is the concentration of decision-making power in the hands of the Minister, who would wield ultimate authority in determining which companies gain access to trade in specified items. The associations assert that such discretionary powers could pave the way for a monopolistic or oligopolistic landscape, potentially marginalizing smaller enterprises.
The associations are steadfast in their call for the immediate rejection of the Legislative Instrument (LI). Their plea extends beyond resistance; they advocate for a period of rigorous consultation and dialogue to foster a more nuanced and comprehensive understanding of the potential impact of the proposed legislation.
Meanwhile, the political landscape surrounding the bill remains contentious, with the Minority opposing the LI for the second time during its attempted presentation before the House. This divergence of opinion within the political sphere adds an additional layer of complexity to an issue already fraught with economic implications.
As the business community and political stakeholders navigate this critical juncture, the fate of the import restrictions bill hangs in the balance, with far-reaching consequences for Ghana’s economic landscape.
