- AGI is calling for stricter enforcement of trade policies
- The CEO stressed the need for a more robust regulatory framework
- He said a level playing field is essential
The Association of Ghana Industries (AGI) is calling for stricter enforcement of trade policies to protect local manufacturers and reduce the country’s reliance on imports.
AGI CEO Seth Twum-Akwaboah expressed concern over the underutilization of domestic production capacity, despite the ability to produce a wide range of goods locally.
“We have the capability to manufacture many products domestically, but we continue to import them,” Twum-Akwaboah said. “This is detrimental to our economy and job creation.”
The CEO highlighted the need for a more robust regulatory framework to ensure compliance with trade regulations.
He emphasized that a level playing field is essential for local industries to compete effectively against imports.
“We are not asking for protectionism,” he clarified. “We simply want fair competition. If we can reduce production costs and create a more conducive business environment, our industries can thrive.”
Twum-Akwaboah also addressed the issue of dollarization, which has contributed to currency volatility. He urged businesses to avoid excessive reliance on foreign currency, as it can destabilize the local economy.
Finance Minister Dr. Mohammed Amin Adam echoed these concerns, warning businesses against practices that exacerbate currency fluctuations.
He emphasized the importance of supporting the local currency and promoting a stable economic environment.
Both the AGI and the government recognize the need for a collaborative approach to address these challenges.
By strengthening trade enforcement, creating a more favorable business climate, and promoting domestic production, Ghana can enhance its economic resilience and create sustainable jobs.
