Import restrictions regulation offends Ghana’s commitments under IMF deal – Mahama Ayariga

The Member of Parliament for Bawku Central Constituency, Mahama Ayariga, maintains that the proposed import restriction policy on some products will run counter to the agreement the country is under with the International Monetary Fund (IMF).

“The proposed Export and Import (Restrictions on Importation of Selected Strategic Products) Regulations, 2023 offends clear provisions of the IMF Bailout Agreement,” said Mr Ayariga in a statement on Wednesday, November 29.

The Import Restrictions Regulations seeks to “improve balance of payments and economic stabilization”.

But the lawmaker said the IMF Country Report No. 23/168 issued in May 2023 and titled ‘Request for an Agreement under the extended credit facility- Press Release; Staff Report; and Statement by the Executive Director for Ghana‘ expressly mentions in page 76 at paragraph 4(iv) that “no imposition or intensification of import restrictions for balance of payments reasons”.

It is thus clear that what the Ministry of Trade and Industry clearly flaunts the IMF Bailout Agreement, the National Democratic Congress (NDC) MP insists.

“It is not clear whether the Trade and Industry Minister is talking to the Minister of Finance and Economic Planning.

“Once again we see clear signs that the NPP Government is confused about the direction of the economy and the finances of the country,” Mahama Ayariga asserted.

“The NPP cannot keep its basic commitments to the IMF,” he concluded.

Source: 3news.com|ghana