The American Chamber of Commerce, Ghana, on Friday, January 26, 2024, held a consultative meeting with Member companies at the Chamber’s secretariate to ascertain the impact the proposed Export and Import (Restriction on the Importation of Selected Strategic Products) Regulation, 2023, will have on their businesses.
According to the government of Ghana, this regulation aims to establish an import-permitting regime that can be used as a mechanism to regulate the quantities or volumes of Selected Strategic Products that would be allowed to be imported into the country.
The regulation aims to protect local manufacturers from undue competition from subsidized imported products and create a market opportunity to support their growth and sustainability. However, the regulation will pose challenges to the ease of doing business.
For instance, as a result of the kind of products listed for restriction, the new regulation could significantly impact the cost of operations for some companies as these products serve as raw materials. The new regulation could also cause undue delays that affect the operations of local companies.
This consultative engagement aimed to create a unified stance by AmCham Ghana on the proposed legislation, in addition to individual inputs submitted via the government portal.