• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, July 9, 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

Structure Of L.I On Import Restriction Grants Excessive Power To Trade Minister

November 29, 2023
Stephen M.Cby Stephen M.C
in General News
0
Structure Of L.I On Import Restriction Grants Excessive Power To Trade Minister

Member of parliament Cape Coast South, Kweku Ricketts-Hagan.

Member of parliament for Cape Coast South, Kweku Ricketts-Hagan, has expressed concern over the proposed L.I by the trade minister, KT Hammond, to restrict some imports into the country, revealing that the structure of the L.I grants him excessive power.

According to him, the power the L.I affords the trades minister to grant permit to restrict importation of certain products into the country will be abused.

He revealed that although the majority in parliament calls it an import permit, in reality, it is an import license, which could potentially create problems of “corruption, kalabule, coup d’etats, all as a result of these things”.

RelatedPosts

Ghana Slammed for UN LGBTQ Abstention

Bright Simons Slams E&P Over Gold Mine Controversy

Ato Forson Declares War on Gold Smuggling at GoldBod Task Force Inauguration

“The problem is not with the policy, but it’s the way the L.I itself is structured, that gives so much powers to the minister in what we believe will end up being abused. We know that as a country we import too much…”

Kweku Ricketts-Hagan

Elaborating on the minority’s concerns with the proposed L.I, Mr Ricketts-Hagan indicated that the move will also pave way for restricted products to be illegally funneled into the country through Togo and other places by road. With this, he explained that problems are likely to also crop up at the country’s borders where a lot of corruption will take place.

“Why do you want to create problems with the already burdensome economy that we have at the moment and that is where the issue is. He’s not only having the power to give the permit, but he’s also the one that if they refuse you permit, you will have to petition to, and he has the discretion to allow you or not.

“We are not talking about KT Hammond, if this was to become a regulation or law in this country, future trade ministers, and we don’t know which trade minister we are going to get who will decide to take things in his own hands and there’s going to be cronyism…

Kweku Ricketts-Hagan

Potential impact of passing L.I on restriction of imports

Furthermore, Mr Ricketts-Hagan admitted that although it actually “doesn’t make sense that there are certain things” which are still being imported into the country, due diligence must be undertaken to avert challenges along the path of implementation.

He noted that before government makes the decision of restricting importation or banning these products, it has to make sure that Ghanaians are going to be self-sufficient, a phenomenon which is not the situation at the moment.

“The issue here is about whether we should go for a ban or restriction as they are calling it now when we have not made adequate provision in terms of import substitution. If you are not going to bring something into your country and there’s the demand for it, is there a vehicle for producing these things?”

Kweku Ricketts-Hagan

Meanwhile, the Cape Coast South legislator emphasized that going ahead with the current form and state of the L.I restricting importation of certain category of products into the country is going to create chaos. Among other things, he insisted that artificial shortage is bound to be created and subsequently drive prices up.

“Getting to Christmas, it’s even a bad timing to contemplate some of these things. If you want to do this, maybe look at the following year, but even that, a lot of work needs to be done…”

Kweku Ricketts-Hagan

READ ALSO: Government’s EJobs4All To Benefit 10,000 Youth In Mining Regions

Tags: CorruptioneconomyGhana NewsMinistry of Trade and IndustryParliamentRestriction on imports
Please login to join discussion
Previous Post

World Commemorates International Day of Solidarity With The Palestinian People

Next Post

Bernard Monah Criticizes High Court Ruling Against OSP On Labianca Case

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

LGBTQ concerns in Ghana
General News

Ghana Slammed for UN LGBTQ Abstention

July 9, 2025
Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
Securities/Markets

Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns

July 9, 2025
Bright Simons, E&P, Azumah
General News

Bright Simons Slams E&P Over Gold Mine Controversy

July 8, 2025
Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
Banking

Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade

July 8, 2025
Kwasi Sibo
Sports

Kwasi Sibo Eyes Black Stars Call-Up

July 9, 2025
Rishi Sunak Joins Goldman Sachs As Adviser
UK

Rishi Sunak Joins Goldman Sachs As Adviser

July 8, 2025
LGBTQ concerns in Ghana
General News

Ghana Slammed for UN LGBTQ Abstention

by Lilian AhedorJuly 9, 2025
Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
Securities/Markets

Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns

by Stephen M.CJuly 9, 2025
Bright Simons, E&P, Azumah
General News

Bright Simons Slams E&P Over Gold Mine Controversy

by Silas Kafui AssemJuly 8, 2025
Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
Banking

Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade

by Stephen M.CJuly 8, 2025
Kwasi Sibo
Sports

Kwasi Sibo Eyes Black Stars Call-Up

by Evans Junior OwuJuly 9, 2025
Rishi Sunak Joins Goldman Sachs As Adviser
UK

Rishi Sunak Joins Goldman Sachs As Adviser

by Lawrence AnkutseJuly 8, 2025
LGBTQ concerns in Ghana
Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
Bright Simons, E&P, Azumah
Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
Kwasi Sibo
Rishi Sunak Joins Goldman Sachs As Adviser
[/vc_row_inner]

Recent News

  • Ghana Slammed for UN LGBTQ Abstention
  • Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
  • Bright Simons Slams E&P Over Gold Mine Controversy
  • Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
  • Kwasi Sibo Eyes Black Stars Call-Up
The Vaultz News

Copyright © 2021 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 © 2021 The Vaultz News. All rights reserved.