"Senyo Hosi proposes creation of \u2018Rice Development Levy’ to boost local rice production"

" Senyo Hosi proposes creation of \u2018Rice Development Levy' to boost local rice production \r\n\r\nFormer CEO of the Chamber of Bulk Oil Distributors (CBOD), Senyo Hosi, has proposed to government the creation of the \u2018Rice Development Levy\u2019 to boost production of local rice in the country.\r\n\r\nThe creation of the levy Mr Hosi avers, will help curtail the impending shortage of rice in the country resulting from the policy directive of the Central Bank to withdraw forex support to importers of rice, chicken, vegetable oil and others.\r\n\r\nIn his view, the policy directive was not well thought through and will further lead to increment in prices of the aforementioned goods as importers will find other means to get forex \u2013 at a higher price \u2013 to import them.\r\n\r\nSpeaking on PM Express and monitored by norvanreports on Monday, November 28, Mr Hosi, quipped the creation of the levy, coupled with a structured policy framework for the sector, \u00a0will help ensure that the country is able to produce the required quantities of rice for local consumption, thereby kicking out competition from foreign rice producers and eventually eliminating foreign rice imports.\r\n\r\n \u201cRather than withdrawing FX support from importers, Government could have created the Rice Development Levy or Tax, and monies gotten from this levy will come with a clear structured framework from seed production to land tenure management, irrigation to paddy production and milling and all the banks will follow with capital to support it,\u201d he remarked.\r\n\r\nAccording to the Ministry for Food and Agriculture, local rice production can cater for 43% of local rice consumption, leaving a huge gap between production\/supply and consumption by the populace.\r\n\r\nTo meet the rice consumption demand of the populace, Mr Hosi who owns a rice farm and is also into rice milling, noted that Ghana needs about 450,000 hectares of rice farm to meet local demand for rice.\r\n\r\nMr Hosi made the assertions speaking on the 2023 Budget Statement, which he said has no clear, definite and structured policies to develop a single sector of the Ghanaian economy, particularly the agric sector.\r\n\r\nAccording to him, the 2023 Budget Statement is a \u2018shock\u2019 to businesses, given that government intends to spend more (GHS 205bn) in 2023 and as such will compete with the private sector for the limited funds available at the various banks in the country.\r\n\r\nThe Central Bank some weeks ago, announced the withdrawal of FX support to\u00a0importers of rice, chicken, cooking oil, ceramic, bottled water, fruit juice and other goods.\r\n\r\n \u201cIn accordance with the President [Akufo-Addo] directive issued at his recent address to the nation on the Ghanaian economy, on Sunday 30 th \u00a0October, 2022, the Bank of Ghana will no longer provide FX support for the imports of rice, poultry, vegetable oils, toothpicks, pasta, fruit juice, bottled water, ceramic tiles and other non-critical goods\u201d. \r\n \r\n \r\n \r\n\r\n \u201cThe government will, in May 2023, that is six (6) months from now, review the situation. We must, as a matter of urgent national security, reduce our dependence on imported goods, and enhance our self-reliance, as demanded by our overarching goal of creating a Ghana Beyond Aid. \r\n\r\n \u201cMuch as we believe in free trade, we must work to ensure that the majority of goods in our shops and marketplaces are those we produce and grow here in Ghana. \r\n\r\n \u201cThat is why we have to support our farmers and domestic industries, including those created under the 1-District-1-Factory initiative, to help reduce our dependence on imports, and allow us the opportunity to export more and more of our products and guarantee a stable currency that will present a high level of predictability for citizens and the business community,\u201d noted the Central Bank in announcing the new policy\u00a0directive.\r\n\r\n \r\n \r\n \r\n \r\n\r\n \r\n\r\n "

"Senyo Hosi proposes creation of \u2018Rice Development Levy’ to boost local rice production"

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