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By Edward Graham Sebbie
The Association of Ghana Industries, AGI, is urging government to tackle the issue of parallel imports to safeguard local industries and give impetus to the 24-hour economy policy as a major import substitution measure.
According to the association, the influx of imported products with relatively lower prices is stifling local producers and continually renders Ghana as an import driven economy.
The Chief Executive Officer of AGI, Seth Twum Akwaboah, raising the concern at the Annual General Meeting of the association in Tema, lauded the current administration for the bright outlook of the macroeconomic indicators since the year began calking it a good turn for industries. “We’ve seen policy rate drop quiet significantly, we’ve seen inflation come down and exchange rate working reasonably well to the extent that at some point, we had significant appreciation of them Cedi”. He intimated.
Despite the gains, Mr. Akwaboah, was however swift to add that “it is not the appreciation that is so important, neither is it depreciation which is bad, but stability is what we want. If you can predict your currency for a period of time, you would be able to plan your business”.
He however revealed that some companies especially those export are experiencing downturn as a result of the Cedi gaining strength. Mr. Akwaboah, went on to disclose that due to the appreciation of the Cedi, import has become cheaper resulting in the influx of parallel imports. But the issue to him is really not about just the imports, but the manner in which they are brought in. “It is not just the imports that are coming in, but people are taking advantage to smuggle the goods into the country. The under-declaration, under-invoicing and all these affect local industries, he reveals.
The AGI CEO therefore implored the government to tighten its surveillance regime to prevent underhand dealings in importation as well as institute support system for local companies that are experiencing downturn as result of influx of cheaper goods owing to the appreciation of the currency.
The Tema branch chairman for the AGI, Dr. Eddie Akwetey, raised the issue of cheaper and reliable energy for industries as one major issue in their subsequent meetings to the AGM. He reminded the executive on the need to vigorously pusrsue the drive to ensure that all companies operating in the Ningo-Prampram District join the Tema chapter of the association.
Mr. Akwetey, also used the occasion to inform members, particularly new ones of the availability of land in the Ningo-Prampram District for acquisition.
Members were however not enthusiastic about the absence of Customs officials, one of their major stakeholders at the gathering to address issues of delays in clearing goods, resulting in huge demurrages due to persistent systemic failures in documentations. Though the executive gave the reason as having engaged them in their earlier meetings prior to the AGM, it was agreed to include the Customs in all their meetings including AGMs.
The AGI AGM also offered the platform for prospective aspirants to interact with members on their intentions to contest various leadership positions in the upcoming AGI executives elections slated for November 27, 2025.
