The Deputy Minister, Ministry of Trade and Industry (MoTI), Mr. Ibrahim Murtala, has revealed that the Ministry has documented a Consumer Protection Bill to be presented to cabinet for approval to protect the interests of consumers in the country.
This, according to him, was needed to compel manufacturers to offer quality products, which meet international standards to consumers adding that the existence of the consumer protection bill would promote ‘the consumption of made in Ghana goods policy’ of government.
“For the policy to be effective, consumers must be offered quality local goods that conform to international standards,” he stressed.
He made these remarks in Accra at a roundtable conference organised by Oxford Business Group (OBG) to discuss the changes that have taken place across the country’s economy from 2011 to 2016.
The event also provided the opportunity for experts in various sectors of the economy including banking, communication, engineering, technology, among others, to explore the key developments analysed by OBG in its coverage of Ghana’s economy over the years, ranging from discovery of oil and its impact on the broader economy to technological advancements.
Mr. Murtala reiterated government’s commitment to reduce budgetary deficit by empowering local manufacturers to increase production of basic goods and decrease the import of such products, ultimately contributing to the stabilisation of the cedi.
He noted that the International Trade Commission Bill, which was currently before parliament would protect the local markets from being used as a dumping site of goods from foreign manufacturers as well as promoting the production of quality local goods.
Rob Tashima, Managing Editor for Africa, OBG, said review of the current economy clearly showed that expectations the group posited in its 2011 Report were not realised despite the exploration of oil.
He noted that reduced oil prices, poor cocoa harvest and other factors culminated in the need for the International Monetary Fund (IMF) programme to be accessed to support the economy.
Despite the economic problems, Mr. Tashima noted that the country still possessed the competitive market suitable for investments.
“Political stability, availability of natural resources, a diversified economy and an efficient regional integration provides the required enabling environments for recovery and growth of the economy,” he said.
Legal framework and infrastructural developments, according to Mawuena Trebrah, Chief Executive Officer, Ghana Investment Promotion Centre (GIPC), was being pursued to support foreign direct investment, which had been a major contributor to the Ghanaian economy, translating into economic development.
By Claude Nyarko Adams