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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

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    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

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    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

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    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

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Ban on imports not solution to trade imbalances- Franklin Belnye

bycitibusinessnews
September 27, 2016
in Government, Local Economy, Top Stories
Franklin Belnye

Franklin Belnye

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An advisor to the Governor of the Bank of Ghana, Mr. Franklin Belnye has kicked against the placement of ban on some selected imported items as a measure of improving Ghana’s budget deficit.

Government in recent times placed a ban on a number of items including the importation of cement to protect local producers and also improve import-export imbalances.

But speaking to Citi Business News in an interview, Mr. Belnye maintained that banning some selected items could result in other countries reacting in an equal measure that may rather hurt Ghana’s trade export.

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“I am not really in support of banning things because first of all it goes against the international trade norms, secondly you don’t ban something when you have not develop an alternative supply,” he said.

He maintained that ban of some selected items should not be seen as the only measure in correcting trade deficit and protecting local producers.

According to him, there will always be an increase in demand if measures are not properly designed before some selected items are banned.

“When you do that you create shortages in the economy, I think that there should be a conscious effort to take specific products and try and expand them for export to improve our trade balance,” he stressed.

He stated that Ghana has a lot of products that could be improved to add value as a measure of increasing the country’s foreign earnings.

–

By:Lawrence Segbefia/citibusinessnews.com/Ghana

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