The Ministry of Trade has temporarily withdrawn the ban on exportation of raw cashew nuts.
This follows massive public outcry against the directive, including Members of Parliament who have threatened to censure sector Minister, Ekow Spio-Garbrah.
The decision generated a heated debate in Parliament with MP’s describing it as illegal. They said the directive will result in a sharp decline in cashew prices and collapse and industry.
The directive issued on the 14th of May 2015 indicated that “Henceforth, all traders and processors are to note that they are allowed to purchase Raw Cashew Nuts during the main harvesting season from January to June but export of Raw Cashew Nuts is permitted only after 31st May onwards.
“Any raw cashew nuts that are brought to ports or borders of Ghana for export between 31st March and 31st May, 2016 shall be confiscated to the State.”
The ministry also indicated that the export of the raw cashew is stifling efforts it is making at promoting value addition under the National Export Development Programme (NEDP) 2016-2020 which seeks to increase earnings from the Non-Traditional Export (NTE) sector.
Deputy Trade Minister, Murtala Mohammed
However, in an interview with Joy News, Deputy Trade and industry minister Murtala Mohammed said the directive has been withdrawn.
He said it has become necessary because the ministry “wants to come out with a decision that will be in the interest of all farmers and at the same time the interest of the domestic cashew processing company who are complaining.”
The deputy minister denied claims that the ministry has breached Section 13 of the Importers and Exporters Act and Article 11(7) of the 1992 constitution.
Have your say
More Business Headlines
- Ghana misses top 10 African destinations to visit in 2018
- Accra to host expanded China Trade Week event from June 19 - 21
- Former GNPC Boss, Theophilus Ahwireng named MD of MODEC
- Economy at the mercy of foreign investors, importers – BoG Governor
- Economist urges BoG to regulate ‘black market’ to ensure exchange rate is sustained
- West Africa’s mobile economy to reach $70bn by 2023 – report
- BoG constrained in fight against cedi depreciation – Asiedu-Mante
- NPA considers use of tech to fight petroleum fraud
- Huawei first-quarter revenue grows 39% to $27bn
- Navigating Sub-Saharan Africa’s recovery amid greater uncertainty
- Oil hits 2019 high on U.S. plan to tighten squeeze on Iran
- Upper West: 1,022 bags of maize harvested under PFJs
- Gov’t, Labour agree to build consensus on dev’t issues
- Ofori-Atta steers World Bank/IMF Development Committee on global dev't issues
- Airports Company considers reserving Terminal 2 for home-based carrier