Today in History: Govt losing US$5.7bn annually due to importation of fake goods – Prof. Boateng

An Independent Chairman of the Public Procurement Authority (PPA) had said, in 2019, that the influx of fake and substandard goods on the local market led to the lose of huge sums of money.

According to Professor Douglas Boateng, government loses up to US$5.7 billion of GDP annually as a result of counterfeit goods.

According to him, Ghana’s GDP can double in 10 years if "we are able to rein in fake, counterfeit and substandard goods in Ghana."

He was speaking on Happy FM’s ‘Epa Hoa Daben’.

Read the full story originally published on August 30, 2019, on GhanaWeb

Professor Douglas Boateng, an Independent Chairman of the Public Procurement Authority (PPA), says the Government of Ghana loses USD 5.7 billion of GDP annually due to the influx of fake, counterfeit and substandard goods on the Ghanaian markets.

Speaking on Happy FM’s ‘Epa Hoa Daben’ , Prof. Boateng said the collapse of most Ghanaian industries is as a result of the influx of fake, counterfeit and substandard goods in Ghana.

He also mentioned that most Ghanaians make buying decisions on pricing forgetting value and the negative impact such choices have on Ghanaian industries and the future generation.

According to him, Ghana’s GDP can double in 10years if we are able to rein in fake, counterfeit and substandard goods in Ghana.

Prof. Douglas Boateng is Africa’s first ever appointed professor Extraordinaire for supply and value chain management (SBL UNISA), is an International Professional certified Chartered Director and an adjunct academic.

Independently recognized as one of the vertical specific global strategic thinkers on procurement, governance, logistics, and industrial engineering in the context of supply and value chain management, he continues to play leading academic and industrial roles in supply chain strategy development and implementation, both in Africa, and around the world.

He is also the author of the yet to be launched Compendium of Supply and Value Chain Management.