Ghana News & Trends

KT Hammond announces intention to re-introduce Import Restrictions Bill

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Kobina Tahir Hammond, the minister of trade and industry, has declared that the administration plans to bring the controversial Import Restrictions Bill back to parliament soon.

The Legislative Instrument (L.I.) was removed from consideration last year due to strong opposition from the trading sector, including the Minority in Parliament.

Minister K.T. Hammond has made it clear, nevertheless, that the administration is still dedicated to achieving the L.I.’s goals. By designating 22 specific items for import control, the proposed limits seek to protect local producers’ interests while addressing the flood of low-cost imports entering the nation.

The Trade Minister said, “How come every conceivable item that we consume in this country is imported? Look at our Balance of Payment accounts. Just last year, in 2023, we imported over $200 million worth of animal intestines (yemuadie) as food.”

The Minister of Trade emphasized that the government will continue to pass laws that protect the interests of those involved in both local and import-related industries.

To increase their competitiveness internationally, the Minister emphasized the significance of safeguarding home companies, citing the example of prosperous nations such as Singapore and Malaysia.

In December 2023, the Import Restrictions Bill which sought to control the importation of 22 specific items was placed on hold while parliament gave it more consideration.

Watch him speak in the video below:

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