Minority Leader of Parliament, Dr Cassiel Ato Forson says the Legislative Instrument (L.I) that seeks to restrict the importation of some strategic products breaches one of the International Monetary Funds (IMF) conditions Ghana had signed.
According to him, should the country push through with this L.I, there would be dire consequences.
“The proposed regulations gravely offend some international trade treaties and protocols that Ghana has signed up to.
“Ladies and gentlemen, let me also say that this very LI breaches the IMF agreement that Ghana has recently agreed with the International Monetary Fund,” he said.
Ato Forson made these comments during his presentation at the latest in the series of National Democratic Congress’ (NDC) Moment of Truth in Accra on December 6, 2023.
Dr Forson explained that the IMF deal “states clearly that Ghana within the course of the programme cannot sign on to any import restriction policy.”
Also, the Ajumako Enyan Esiam MP added that the L. I flout the guidelines for member countries of the World Trade Organization (WTO).
“For instance, the regulation in its current form clearly contravenes the World Trade Organization, Trade Facilitation Agreement, particularly on quantitative restrictions. This could lead to serious retaliatory action by our trade partners and eventually affect export from Ghana, like that of our cocoa and other things that we export out of Ghana,” he said.
The Minority Leader stressed that this was one of the many reasons his side of the House was opposed to it.
[embedded content]Since the announcement of the L.I, various stakeholders have raised concerns about the potential to increase corruption and related activities in Ghana.
An economist, Prof Ebo Turkson, expressed strong reservations about the Trade and Industry Ministry’s proposed L.I on Export and Import. He emphasised concerns regarding the restriction of selected strategic products.
According to Prof Turkson such policies should be accompanied by robust support for domestic firms to enhance their capacity.
The LI will compel importers of 22 selected items, including poultry, rice, sugar, diapers, and animal entrails to seek licenses from a committee to be set up by the minister.
The Minority in Parliament has, on three occasions, resisted the laying of the LI on the grounds that it was not only dangerous but violated international trade practices and could give too much power to the minister, a situation that has the propensity to breed corruption.
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