AGI Presses GRA to Curb Illicit Imports as Cedi Appreciation Fuels Influx of Goods
The Association of Ghana Industries (AGI) has called on the Ghana Revenue Authority (GRA) and other regulatory agencies to intensify enforcement against illicit imports, warning that the recent sharp appreciation of the cedi is heightening the risk of unfair trade practices.
The local currency has strengthened markedly in recent weeks, appreciating by over 40 percent against the US dollar, 31 percent against the British pound, and 24 percent against the euro, aided by easing inflation, stronger reserves, and improved macroeconomic stability. The gains have made imports relatively cheaper, raising concerns among manufacturers about an influx of goods, some of which may be evading proper customs procedures.
Speaking at a Special Customer Seminar on the cedi’s appreciation hosted by Prudential Bank, AGI Chief Executive Officer, Seth Twum Akwaboah, cautioned that the situation could erode competitiveness, undermine local industries, and threaten jobs if regulators fail to act.
“Goods are able to land in Ghana at a price that is ridiculously low that sometimes you wonder if they paid the right duties, they declared the right volumes and declared the right values,” Mr. Akwaboah said. “Therefore, in a situation where there is a higher tendency to maneuver and it is affecting industries and we are going to lose jobs, then the regulatory agencies have a major role to play. GRA has a major role to play.”
He noted that while AGI does not oppose imports, the inflow of products must be through legitimate channels, with prices reflecting international benchmarks for raw materials such as copper and plastics.
The call by AGI comes as manufacturers in key sectors such as flour milling, steel, and cables continue to raise alarm over the dumping of cheap imports, which they argue compromises quality standards and weakens the local production base.
