Proposed import restrictions bill fastest route to economic suicide — Franklin Cudjoe

Policy think tank IMANI Africa has criticized Ministry of Trade and Industry’s proposed restrictions bill on certain strategic items bring imported, describing the move as a recipe for economic ruin.

In a statement on Monday, November 27 IMANI Africa Founding President Franklin Cudjoe further described the bill by Trade Minister KT Hammond "the fastest route to economic suicide” for the country.

According to Mr. Cudjoe, restricting imports without first ensuring sustainable local alternatives will significantly damage Ghana's economy.

Mr Cudjoe quoted the classical liberal theorist Frederic Bastiat, stating "'when goods don’t cross borders, soldiers will.'"

This, according to Mr Cudjoe, underscores the dangers of limiting imports without viable domestic substitutes in place.

But sector Minister KT Hammond argues the Bill will support local industries and reduce import expenditures by $164 million on animal intestines alone.

The minority in Parliament also remains opposed to the bill, blocking its laying in the House last week until more clarity is provided.

The proposed Legislative Instrument seeks to ban imports of 13 selected items including rice, poultry and animal intestines.