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Minority hails government’s retreat on Import Restrictions
The Minority in Parliament has expressed relief following the government’s decision to suspend the introduction of import restriction regulations.
The caucus strongly opposed the regulations, citing concerns about potential corruption and economic harm.
In a statement released on December 8, 2023, the Minority criticized the regulations for granting the Trade Minister excessive discretionary power over import licenses and quantities without proper checks and balances. They expressed concern that this power could lead to corruption, abuse of power, and state capture.
“Minority has always maintained that these regulations will breed corruption, because not only are they arbitrary and opaque but they are designed to encourage the arbitrary exercise of discretionary power in the hands of one person, particularly the Minister of Trade and Industry.”
“We have argued that by vesting too much unfettered and unchecked power in the Minister to determine who qualifies or not to be granted a permit to import into the country as many as twenty (24) commodities, the regulations lend themselves to abuse of power, state capture and rent-seeking conduct reminiscent of the days of ‘essential commodities’ and ‘price control’.”
The caucus said its principle was not against any legal regime or policy that sought to protect indigenous businesses by regulating imports but what it was against was a law that conferred unfettered discretionary power on the Minister of Trade, to issue import licenses and to restrict the quantity of certain imports into the country, without any checks and balances.
“It defied sound logic for this Akufo-Addo/Bawumia government to seek to restrict imports contrary to what it had signed on to about Ghana’s current IMF programme. One of the quantitative performance criteria in Ghana’s current IMF bailout is a requirement to avoid imposing or intensifying restrictions on imports for balance of payment reasons.
At a time Ghanaians are facing extreme misery and reeling under countless taxes, including those contained in the 2024 Budget, we do not consider it right that the government would introduce import restrictions that will fuel inflation and hoarding,” it stated.
PRESS STATEMENT
NDC MINORITY IN PARLIAMENT REACTS TO GOVERNMENT’S SUSPENSION OF LAYING OF IMPORT RESTRICTION REGULATIONS
The Minority Caucus has noted with relief the announcement by the government to suspend the laying of the proposed regulations on Restriction of imports of Selected Strategic Products, 2023.
The Minority has always maintained that these regulations will breed corruption, because not only are they arbitrary and opaque but they are designed to encourage arbitrary exercise of discretionary power in the hands of one person, particularly the Minister of Trade and Industry.
We have argued that by vesting too much unfettered and unchecked power in the Minister to determine who qualifies or not to be granted a permit to import into the country as many as twenty (24) commodities, the regulations lend themselves to abuse of power, state capture and rent-seeking conduct reminiscent of the days of ‘essential commodities’ and ‘price control’.
Indeed, various stakeholders including the Ghana Union of Traders Association (GUTA), the Food and Beverages Association of Ghana, Importers and Exporters Association of Ghana, the Ghana Institute of Freight Forwarders, Chamber of Automobile Dealership Ghana and the Ghana National Chamber of Commerce and Industry, have all joined us in all kicking against these proposed import restrictions.
The Minority in principle is not against any legal regime or policy that seeks to protect indigenous businesses by regulating imports. What we are vehemently against is a law that confers unfettered discretionary power on a single individual, in this case a Minister of Trade, to issue import license and to restrict the quantity of certain imports into the country, without any checks and balances.
It defied sound logic for this Akufo-Addo/Bawumia government to seek to restrict imports contrary to what it had signed on to with regard to Ghana’s current IMF programme. One of the quantitative performance criteria in Ghana’s current IMF bailout is a requirement to avoid imposing or intensifying restrictions on imports for balance of payment reasons.
At a time Ghanaians are facing extreme misery and reeling under countless taxes, including those contained in the 2024 Budget, we do not consider it right that government would introduce import restrictions that will fuel inflation and hoarding.
Source: Citinewsroom.com
The Global Network of Export-Import Banks and Development Finance Institutions (G-NEXID) successfully held its sixth (6th) Exchange Programme, hosted by the Ghana Export – Import Bank (GEXIM) Bank in Accra from March 22 to 23 March.
The event brought together member institutions, partner organisations and Ghanaian public entities to advance dialogue on South-South trade, investment and development finance, while also creating opportunities for knowledge-sharing and institutional cooperation.
Organised as a capacity-building and networking platform, the 2026 edition of the G-NEXID Exchange focused on GEXIM’s experience in developing innovative solutions to promote intra-African and extra-African trade.
It also highlighted trade and investment opportunities in Ghana, particularly in the context of the African Continental Free Trade Area (AfCFTA) and broader national development initiatives.
The Exchange Programme forms part of G-NEXID’s mandate to foster cooperation among export-import banks and development finance institutions in support of South-South trade and investment.
This 6th edition follows earlier successful programmes hosted by India Exim Bank (2016), BNDES (2017), Indonesia Eximbank (2018), Afreximbank (2019) and Saudi EXIM Bank (2025).
On the first day, participants were presented with G-NEXID institutional information and received an update on the Network’s 2026 work programme.
There were a series of substantive presentations, including an overview of the Ghanaian economy by the Ministry of Finance, with particular attention to debt-related challenges; a presentation by the Ghana Investment Promotion Centre (GIPC), on investment opportunities in the country; and institutional presentations by GEXIM and Development Bank Ghana (DBG) on their respective mandates, initiatives, products and services.
Discussions during the sessions underscored strong interest in sector-focused webinars and business dialogues, particularly in agribusiness value chains such as poultry and rice.
Participants also emphasized the importance of continued information exchange and the sharing of best practices, especially in the area of guarantees.
The second day opened with a presentation on the 24-Hour Economy and Accelerated Export Development Programme, a national economic transformation strategy launched by President John Dramani Mahama in July 2025.
The initiative aims to enhance economic productivity through continuous industrial activity, accelerated export development and strategic import substitution.
As the programme is expected to mobilise both private and development capital, it presents concrete opportunities for G-NEXID members in areas such as co-financing, guarantees, trade finance and technical cooperation.
The programme also featured institutional presentations by guest organisations, namely the African Guarantee and Economic Cooperation Fund (FAGACE) and the West African Development Bank (BOAD), which shared their mandates, initiatives, products and services.
Following these exchanges, the G-NEXID Secretariat held bilateral discussions with both institutions as part of the Network’s ongoing membership drive.
Participants further benefited from a presentation by the Eastern and Southern African Trade and Development Bank (TDB), as well as a showcase of GEXIM’s key pipeline projects.
On the margins of the Exchange Programme, G-NEXID members also held their 20th Annual General Assembly Meeting to review progress and discuss strategic priorities.
Following the event, participants joined the GEXIM@10 International Conference, held from March 24-25, 2026 under the theme, “A Decade of Enabling Export Trade and Industrial Transformation: Resetting GEXIM for the Next Frontier.”
The conference provided an important platform for exploring how Ghana can strengthen its transition from a primary commodity exporter to a more competitive player in value-added trade and industrial development.
Source – G-NEXID
President John Dramani Mahama on Tuesday, March 31, 2026, signed five bills including three amendment bills passed by Parliament into law.
They are: Security and Intelligence Agencies Bill, 2025; University of Engineering and Agricultural Sciences Bill, 2025; Ghana Deposit Protection (Amendment) Bill, 2025; Growth and Sustainability Levy (Amendment) Bill, 2026; and Education Regulatory Bodies (Amendment) Bill, 2026.
In a brief remark after assenting to the bills, President Mahama explained that the Security and Intelligence Agencies Act, 2026, scraps the Office of Minister of National Security and frees the President’s to appoint any Minister to supervise the security agencies.
He said it also reverses the name of the office of National Intelligence Bureau (NIB), to the original name, Bureau of National Intelligence, (BNI).
This the President said, addresses the confusion between that security agency and a well-known Ghanaian financial institution, the National Investment Bank.
President Mahama also noted that the University of Engineering and Agricultural Sciences Act, 2026, establishes another University in the Eastern Region, at Bonsu, with three campuses – the main campus at Bonsu in the Eastern Region, with the second campus to be cited at Ohawu in the Oti Region.
The third, the Presdient assed will be located at Acherensua in the Ahafo Region.
Touching on the Amendment to the Growth and Sustainability Levy Act, the President said, “As you’re aware, the act was amended to increase it from 1% to 3%, and so this act reduces it again. That is the levy on mining companies. It reduces it again to 1%, because of the introduction of the sliding scale of royalties.”
He also spoke to the passage of the Government Education Regulatory Bodies Amendment Act, emphasising that amends Act 1023 to grant greater flexibility to private tertiary institutions and the option to Charter.
The Ghana Deposit Protection Amendment Act, the President concluded, is an amendment to an original act that was supposed to guarantee deposits held in commercial banks or financial institutions.
It basically expands protection to include mobile money wallets and other digital platforms, ensuring a wider scope of digital financial assets are secured.
The signing ceremony, was witnessed by the Clerk of Parliament, Mr. Ebenezer Ahumah Djietror, Secretary to the President, Dr Callistus Mahama, the Minister of Justice and Attorney General, Dr Dominic Akrutinga Ayine, Chief of Staff, Julius Debrah, Joyce Bawa Mogtari, a Senior Presidential Advisor and a Special Aide to the President, Finance Minister, Dr Cassiel Ato Baah Forson, and the Vice President, Professor Jane Naana Opoku Agyemang.
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