Coronavirus: New policy needed to limit dependence on foreign imports – Andani

The Chief Executive of Stanbic Bank Ghana, Alhassan Andani, has urged for a new policy that will limit the country’s huge reliance on foreign imports in the wake of the coronavirus pandemic.

According to him, the policy must entail and prioritize the agriculture sector’s drive to boost local production and consumption of food commodities.

Speaking at a webinar organized by the Ghana National Chamber of Commerce and Industries (GNCCI) on strategies for business survival and growth, Alhassan Andani said; “For example, most of our import trade that was coming from Asia, China have had to suffer significant setbacks because of the disruption in global supply chains.

“So, what kind of alternatives would be available and this is the kind of conversation we would want to pick up with the National Chamber for Commerce and Industry and other industry players to see how we can diversify our economy away from a huge reliance on Asia and China generally.”

The webinar was on the theme, “COVID-19, financing options to stimulate local production.”

Meanwhile, the Ghana Commodity Exchange (GCX) says new methods are being developed to avert trade reduction which has affected pricing on its operations due the coronavirus outbreak.

According to the Chief Executive of the GCX, Dr. Alfa Kadri, the move is expected to reassure farmers to keep trading on the platform.

Additionally, the Coronavirus pandemic has resulted in a general shortage and supply of goods being brought or sold in Ghana due to a reduction in Asian imports.

For now, Ghana’s main export commodities are cocoa, gold, and timber products.

Also, figures released from the BoG indicated that the country’s total exports surpassed imports by US$780 million as of February 2020.

According to the central bank, the Balance of Trade for Ghana represented 1.1 percent of the total value of all goods and services produced in the country.

The figure is also an increase compared to the US$378 million or 0.6 percent of Gross Domestic Product (GDP), recorded in February 2019.

The BoG attributed the increase to the fact that the country’s imports declined for the period, while it also benefited from the increase in some prices of commodities like cocoa and gold.