Business News of Tuesday, 25 April 2023

Source: GNA

Government urged to repeal export restrictions on soybeans

Soybeans Soybeans

The Ghana Soyabeans Farmers and Aggregators Association (GHASFAA) has called on government to repeal the import and export restrictions of soybeans to sustain the livelihoods of its farmers and aggregators in the country.

The regulation, passed in 2020 by the government, was to provide licensing for the exportation of soybeans in commercial quantities to ensure availability of soyabeans for domestic use to meet local processing requirement for animals production.

Mr. Abdul-Hakeem Issah, Director in charge of Administration, GHASFAA, who addressed a press conference on behalf of GHASFAA in Tamale, said the implementation of the regulation had become a thorn in the flesh of soybean farmers as government agencies were using the regulation to obstruct the soybeans trade in the country.

Mr Issah said the government needed to repeal the restrictions since the local processing companies were not having ready cash to pay for the soybeans, which was adversely affecting farmers and aggregators in the sector.

He wondered why the regulation did not target maize production, which was a staple food for the poultry industry, but rather soybeans.

He said livestock, fish and poultry farmers do not buy soybeans from them as intended by the government, adding that, they only bought it from the local processing companies, which often deal with imported soybeans.

Mr Issah called on government to allow individuals with the capacity to export soybeans to do so without frustrating them, to enable the industry to attract the needed investments, as investors were currently moving away from investing in soybeans production, because of the restrictions.

He warned that if the government failed to heed their call by May 15, 2023, they would cut down the production of soybeans in the 2023/2024 farming season.