Businessman, Dr. Kofi Amoah has urged government not to shy away from rolling out protectionist policies to favour local businesses.
He said major world economic powers such as US and China have done same when local businesses faced economic threat from imports.
“In creating domestic strength, we need to give protection to our fledgling domestic companies”, he told a meeting of over 1,000 business leaders and players at the 2017 CEOs Summit in Accra.
World economic powers have frowned on developing countries leveraging protectionist policies favouring open competition in an era of globalisation.
World economic leaders, in October 2016, gathered in Washington this week to defend globalization, delivering a single message in unison: Protectionism will not save you.
But pulling the record of economic behaviour among developed countries, Dr. Kofi Amoah referred to a passionate appeal by US Secretary of the Treasury Alexander Hamilton.
“If you allow foreigners to bring their goods in here, we are dead,” he paraphrased the comment.
The appeal worked as America built tariff walls as high as 40% on foreign products.
He said China refused to join the club of open markets, the World Trade Organisation because, it would have opened up the country to imports which hurt local businesses.
“China didn’t join the WTO until 25 years ago. Now China is championing free trade because they have something to sell”.
Bringing the argument closer to home, the entrepreneur said neighbouring Nigeria has banned chicken imports.
“There is no reason why we should be importing chicken”.