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Business News of Thursday, 13 January 2022


Investor confidence waning over influx of imports into Ghana – AGI

Dr Humphrey Ayim-Darke, AGI President Dr Humphrey Ayim-Darke, AGI President

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The Association of Ghana Industries has expressed worry that investor confidence may be waning as a result of the influx of imported goods into the country.

According to the President of the association, Dr Humphrey Ayim-Darke, Ghana’s current benchmark discount policy distorts micro and macro-economic fundamentals hence government must be bold in maintaining its decision to reverse the discount policy placed on benchmark values.

Speaking with journalists in Accra on January 10, the AGI president said, “Guided by the overarching framework of Ghana’s industrial transformation agenda, one district, one factory (1D1F) initiatives, Planting for Food and Jobs, Fertilizer subsidy and Ghana’s export development agenda, the AGI believes the benchmark discount policy in its current form runs counter to the government’s own agenda to industrialise.

“We have seen the government commission the Savelugu rice factory in August and Sefwi Akontombra rice factory in September just last year. These two recent investments totalling about GH¢14 million risk becoming redundant if such large rice imports persist.

“Investor confidence is waning, and no investor would like to invest in a real sector that is currently exposed to the influx of imports as we have,” he explained.

Meanwhile, the Ghana Revenue Authority in the latter part of 2021, announced that the benchmark value reduction will no longer be in use, effective January 2022.

This development has since been met with a lot of disagreements from the various trade unions and stakeholders who believe it may result in an increase in the price of goods and services and resultant scarcity of commodities.