Amidst the government's efforts to enact restrictions on certain product imports, development economist Prof. Ebo Turkson has urged caution, emphasizing the need to diligently evaluate various factors to avert potential adverse effects on the nation. Speaking on Joy FM's Super Morning Show on Wednesday, November 29, 2023, Prof. Turkson stressed the importance of treading carefully to avoid unforeseen repercussions.
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While acknowledging that the proposed policy could stimulate demand for local products, Prof. Turkson cautioned that the process would not be devoid of challenges. He emphasized the necessity of employing effective strategies guided by comprehensive data and advocated for a gradual assessment of domestic production capacity, existing demand, shortages, and proposed restriction methodologies, such as leveraging the central bank.
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Concurrently, six prominent business associations have collectively presented a petition to Parliament, urging the rejection of the proposed bill set forth by the Ministry of Trade and Industry. The Joint Business Consultative Forum, comprising entities such as the Ghana Union of Traders Associations (GUTA), Food and Beverages Association of Ghana (FABAG), Importers and Exporters Association of Ghana, and others, have voiced their apprehensions about the potential detrimental effects of the legislation. They have expressed concerns over looming price disruptions, potential trade impediments, and adverse impacts on business operations should the bill be implemented.
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In a related vein, the absence of funding for farmers under the Planting for Food and Jobs program in the 2024 budget has also elicited concerns from the President, further adding to the array of economic apprehensions and considerations being discussed.
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