CBN policy hurting our economy, Ghanaians lament

Industrialists in the Ghanaian economy are complaining that the policy of the Central Bank of Nigeria (CBN) is hurting the economy of the Gold Coast, and they are calling for a reversal.

About 10 percent of Ghana’s trade export comes into the Nigerian market, but that has been shrinking drastically since the CBN prohibited allocation of forex for the importation of 41 items.

Apparently, a number of those items were previously imported from the Ghanaian economy.

According to Business and Financial Times (B&FT), a Ghanaian newspaper, some Ghanaian companies are calling for a ban on Nigeria’s export into Ghana.

Kate Quartey-Papafio, CEO of Reroy Cables, said: “If we also make it difficult for them to export, then we would have to find common ground”.

“Even for those who are able to export to Nigeria, you have to get different certificates for different customers and it takes a whole lot of time to get it.

“It makes the whole thing so cumbersome. You are exporting the same thing but you have to go and get certificates for each of the customers.”

Seth Twum Akwaboah, CEO of the Association of Ghana Industries, also said: “There should be a clear letter written to the Nigerians complaining about this, and then also try and use some diplomatic means to quickly resolve it.

“If it doesn’t work then we must also look at countervailing measures…it could be product targeting.”

Richard Okrah, managing director of Intravenous Infusions Limited, a pharmaceutical company in Ghana, said about 25 percent of his company’s product targeted at the Nigerian market could not be exported.

“We have been making efforts through our agent in Nigeria to get us off this list. But it is becoming a very difficult job for us.”

Tony Oteng-Gyasi, the CEO of Tropical Cables and former president of the Association of Ghana Industries (AGI), said the matter should be taken up at the ECOWAS level.

“This should be one of the major concerns of our trade and industry ministry, because in West Africa Nigeria remains the biggest market.

“The ministry should take up the matter and make sure that the ECOWAS protocols are not limited to the free movement of persons, as they are doing now: even more important for us is the goods and services.”