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\u2019s budget deficit.<\/p>\n
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.<\/p>\n
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\u2019s trade export.<\/p>\n
\u201cI am not really in support of banning things because first of all it goes against the international trade norms, secondly you don\u2019t ban something when you have not develop an alternative supply,\u201d he said.<\/p>\n
He maintained that ban of some selected items should not be seen as the only measure in correcting trade deficit and protecting local producers.<\/p>\n
According to him, there will always be an increase in demand if measures are not properly designed before some selected items are banned.<\/p>\n
\u201cWhen 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,\u201d he stressed.<\/p>\n
He stated that Ghana has a lot of products that could be improved to add value as a measure of increasing the country\u2019s foreign earnings.<\/p>\n
–<\/p>\n
By:Lawrence Segbefia\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"
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\u2019s budget deficit. Government in recent times placed a ban on a number of items including the importation of cement to protect local producers and […]<\/p>\n","protected":false},"author":14,"featured_media":252328,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,171],"tags":[],"yoast_head":"\n