• About
  • Advertise
  • Privacy Policy
  • Contact
Sunday, October 12, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Trading Community Commends ‘Wise’ Decision To Suspend Import Restriction Bill

Stephen M.Cby Stephen M.C
December 8, 2023
Reading Time: 3 mins read
Stephen M.Cby Stephen M.C
in General News
0
President of the Ghana Union Traders Association (GUTA), Dr Joseph Obeng, has called on government to articulate a policy direction to stabilize the exchange rate, depreciation and reduce the monetary policy rate in the budget statement.

President of the Ghana Union of Traders Association (GUTA), Dr Joseph Obeng.

When a planned policy is perceived to be detrimental to the very survival of the people it’s meant to help, the best thing to always do is to chuck it aside and allow the system to run its course and on its own merits.

Unarguably, not all plans are good and worthy of being implemented and not all ideas are fit for purpose in the context of driving the economy forward.

This was evidently witnessed when the trades minister, K.T Hammond, laid before parliament the import restriction bill which seeks to restrict the importation of 22 selected strategic goods such as rice, Guts, bladders and stomach of animals, Poultry, Animal and Vegetable Oil, Margarine and Fruit Juices.

RelatedPosts

Mahama’s Galamsey Fight Non-Negotiable – Lands Minister Declares

GES Urges Parents to Accept Placements and Prepare Wards

Security Consultant Urges Hotline, Political Courage in Galamsey Fight

The rest include soft drink, Mineral Water, Noodles and Pasta, Ceramic Tiles, Corrugated Paper and Paper Board, Mosquito Coil and Insecticides, Soaps and Detergents, Motor Cars, Iron and Steel, Cement, Polymers (Plastics and Plastic Products), Fish, Sugar, Clothing and Apparel, Biscuits and Canned Tomatoes.

For obvious reasons, this was met with strong resistance from the trading community and the minority in parliament who were averse to the idea of the bill simply because they reckoned it unfit for the current economic situation.

Among other reasons, they maintained that such move will be detrimental to the country’s economy especially so because Ghana hasn’t attained a self-sufficient status to restrict the importation of such goods.

ADVERTISEMENT

Additionally, the mere thought of power being entrusted to the hands of the trades minister to determine who is worthy of being granted permit to import certain categories of products into the country also did not sit well with Ghanaians.

As a result, government has announced the suspension of the Export and Import Regulations 2023 Bill, halting its planned implementation after facing significant opposition.

Trading community welcomes suspension of Import restriction bill

Reacting to the suspension of the bill, President of the Ghana Union of Traders Association (GUTA), Dr Joseph Obeng, has commended parliament for the decision to suspend the bill.

He revealed that although the trading community supports the idea of industrializing the country and ensuring it remains “self-sufficient”, government did not act right in seeking to restrict importation of some goods.

“It is a wise decision that has been taken by government because the L.I did not have any basis. It did not hold any foundation and they were doing it out of emptiness [and] we cannot do things like that…”

Dr Joseph Obeng

Furthermore, Dr Obeng stated that traders are the first persons to propagate the restriction bill, however, in its current form, it will not yield the desired results. He contended that subjecting traders to the issuance of permit is “uncalled for in this modern age of trade liberalization”.

“You said that we have to do import substitution, yes, but when you tell me we have to substitute import then we have to have availability of the goods here so when I stop importing, I can lay hands on the goods here. That’s why they are not implementing the right measures that will make sure that we shore up productivity.”

Dr Joseph Obeng

Indeed, the idea of power being entrusted to one person is bad enough, and also queuing to petition for permit to import restricted products is another ball game.

It is high time government treads on the path of being proactive than reactive. In any case, the relevance of adequate consultation cannot be overemphasized as the people who will be directly impacted by such move need to be engaged on the matter.

Moreso, the other prospect and the potential for increased corruption under the proposed regulations need to be thoroughly assessed before implementation can begin.

READ ALSO: NCA Cautions Public Against Use Of Starlink Internet Services

Tags: Ghana NewsGUTAImport restriction billKT HammondProductivityTrades Ministry
Please login to join discussion
Previous Post

2024 Budget: The Ayes Have It Again

Next Post

Mahama Optimistic About The 24-Hour Economy Initiative

[mc4wp_form id="1264"]

Related Posts

Minister for Lands and Natural Resources, Hon. Emmanuel Armah-Kofi Buah
General News

Mahama’s Galamsey Fight Non-Negotiable – Lands Minister Declares

October 12, 2025
GES Urges Parents to Accept Placements and Prepare Wards
General News

GES Urges Parents to Accept Placements and Prepare Wards

October 12, 2025
Political Interests Derailing Ghana’s Fight Against Galamsey
General News

Security Consultant Urges Hotline, Political Courage in Galamsey Fight

October 11, 2025
Professor Stephen Kwaku Asare
General News

The More Lawyers, the Better for Rule of Law – Professor Asare Insists on Expansion of Legal Education

October 11, 2025
Western Region Launches Investment Centre to Drive Local Prosperity
General News

Western Region Launches Investment Centre to Drive Local Prosperity

October 10, 2025
Dennis Miracles Aboagye
General News

NHIS System Disruption Exposes NDC’s Incompetence – Bawumia’s Spokesperson Blasts Govt

October 10, 2025
Lawyers Declare Odo Broni as Recognized Wife of Daddy Lumba
Entertainment

Lawyers Declare Odo Broni as Recognized Wife of Daddy Lumba

by Esther Korantemaa OffeiOctober 12, 2025
Minister for Lands and Natural Resources, Hon. Emmanuel Armah-Kofi Buah
General News

Mahama’s Galamsey Fight Non-Negotiable – Lands Minister Declares

by Evans Junior OwuOctober 12, 2025
Mining consultant Ing. Wisdom Edem Gomashie
Extractives/Energy

Mining Consultant Challenges GoldBod CEO’s Claims on Gold Purchases 

by Prince AgyapongOctober 12, 2025
Ecobank Ghana Empowers the Next Generation Through Digital Inclusion
Banking

Ecobank Ghana Empowers the Next Generation Through Digital Inclusion

by Stephen M.COctober 12, 2025
GES Urges Parents to Accept Placements and Prepare Wards
General News

GES Urges Parents to Accept Placements and Prepare Wards

by Silas Kafui AssemOctober 12, 2025
Cameroon Goes To The Polls
Africa

Cameroon Goes To The Polls

by Comfort AmpomaaOctober 12, 2025
Lawyers Declare Odo Broni as Recognized Wife of Daddy Lumba
Minister for Lands and Natural Resources, Hon. Emmanuel Armah-Kofi Buah
Mining consultant Ing. Wisdom Edem Gomashie
Ecobank Ghana Empowers the Next Generation Through Digital Inclusion
GES Urges Parents to Accept Placements and Prepare Wards
Cameroon Goes To The Polls

Recent News

Lawyers Declare Odo Broni as Recognized Wife of Daddy Lumba

Lawyers Declare Odo Broni as Recognized Wife of Daddy Lumba

October 12, 2025
Minister for Lands and Natural Resources, Hon. Emmanuel Armah-Kofi Buah

Mahama’s Galamsey Fight Non-Negotiable – Lands Minister Declares

October 12, 2025
Mining consultant Ing. Wisdom Edem Gomashie

Mining Consultant Challenges GoldBod CEO’s Claims on Gold Purchases 

October 12, 2025
Ecobank Ghana Empowers the Next Generation Through Digital Inclusion

Ecobank Ghana Empowers the Next Generation Through Digital Inclusion

October 12, 2025
GES Urges Parents to Accept Placements and Prepare Wards

GES Urges Parents to Accept Placements and Prepare Wards

October 12, 2025
Cameroon Goes To The Polls

Cameroon Goes To The Polls

October 12, 2025
The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.