The Association of Ghana Industries (AGI) president, Dr Humphrey Ayim-Darke, has urged regulatory agencies to step up enforcement to complement the Bank of Ghana (BoG)’s policy measures aimed at stabilising the economy.

The Bank of Ghana recently cut its key monetary policy rate by 350 basis points to 21.5% on September 18, following earlier cuts in July.

The decision was driven by sustained disinflation, robust economic growth, and improved external buffers, with inflation projected to hit the medium-term target by the end of 2025.

But Dr Ayim-Darke says the central bank’s action alone is not enough to protect local industries.

“Our prayer is that the regulatory authorities that are supposed to complement the work of the Bank of Ghana in the micro space, the fiscal prudence that is happening to stimulate the economy, is crucial.

"They need to relook at their mandate and the various money should be in sync with stabilising and creating a harmonious, competitive front for industry to thrive.”

He cautioned that the influx of imports continues to shrink the local market.

“What is the effect on our businesses? It leads to the shrinking of your local market as finished goods are coming in.

"We are not scared of competition, but what’s the role of the Standards Authority in terms of quality? What’s the role of the Food and Drugs Authority in terms of making sure standards are met?

"The role EPA, and the role of the customs in terms of under-invoicing, smuggling of goods and apparel, goods that are coming to Ghana by virtue of proximity.

"Products like Malta Guinness and other associated products that are coming through the border, while we have similar factories here.”

Dr Ayim-Darke maintained that strong regulatory oversight is essential to ensure that imported goods meet standards while tackling under-invoicing and smuggling.

He argued that without such enforcement, the benefits of the Bank of Ghana’s monetary easing will fail to translate into real growth for Ghanaian industry.