Gov’t to Restrict Imports of Locally Produced Goods – Finance Minister
Finance Minister, Dr Cassiel Ato Forson, has hinted at a forthcoming policy direction that will restrict the importation of goods that can be produced locally.
According to the Minister, the move is aimed at boosting domestic manufacturing, creating employment opportunities, and safeguarding local industries against unfair competition from foreign products.
Dr Forson made the disclosure during a stakeholder engagement with the Plastic Manufacturers Association of Ghana (PMAG), where members of the Association raised critical concerns confronting the plastic manufacturing industry.
Among the concerns raised were the misuse of import exemptions, dumping of inferior quality products on the Ghanaian market, and the export challenges confronting local manufacturers.
The Association also called for a more equitable tax regime, arguing that the current tax structure unduly burdens a limited number of businesses.
In response, Dr Forson reaffirmed government’s commitment to stabilising the economy, adding that inflation reduction and exchange rate stability remain key economic objectives for the current administration.
“We are working to bring down inflation and reduce the pressure on the cedi. These two issues significantly impact port charges and the cost of doing business in Ghana,” he stated.
To further address concerns raised by PMAG, the Minister announced ongoing collaborations with the Ghana Revenue Authority (GRA) to plug revenue leakages at the country’s ports.
“We have commenced work with the GRA to ensure that we address revenue shortfalls at the ports and deal with the misuse of import exemptions that affect the competitiveness of our local businesses,” Dr Forson added.
The new policy direction, when implemented, is expected to align with government’s broader industrialisation agenda, including initiatives under the One District One Factory (1D1F) programme.
This will be wonderful if government can implement such a policy, right now, Nigeria have a policy and a law call Nigeria first,any product that Nigerians can produce,those products are not allow into the country. It has heavily stabilized the Naira for over four months straight. I pray God give our leaders wisdom to put Ghana first.
when the trade minister in the npp govt wanted to implement that policy, you as minority leader opposed it.