An import license is a document issued by a national government authorising the importation of certain goods into its territory.

Nana Osei Bonsu, Chief Executive Officer, PEF said such a move had become critical as a measure to preserve some of the country’s forex and also prevent the influx of foreign made goods in the country’s markets.

Nana Osei Bonsu said the government must do all it could to strengthen the cedi and economy.

He was speaking to Citi Business News on the sidelines of the launch of the Youth Entrepreneurship Summit and Expo which will commence on December 7, and end on December 11, 2022 in Kumasi.

“People look at import license as a barrier but it is needed to justify why we have to allow you to spend our foreign exchange to import certain commodities. It is just to find ways to tell the authorities that this is needed in the country but when we have things that are available in volumes and people are still bringing them in and undercutting the price locally it does not enable the local people compete,” he said.

He said “The license will make people tell us why they need to import certain goods using our valuable and limited resources. It can also avoid the case where, for instance, you bring an amount of pillows that will not even be needed for the next ten years. Import license is needed, it shouldn’t be imposed. It will help us as a country limit our exposure to weakening the economy.”

The summit seeks, among other things, to bring together a minimum of 200 young entrepreneurs with established and existing businesses from across the length and breadth of the country under the theme “empowering youth enterprises for sustainable industrialisation.”

According to the organisers of the event considering the nation’s target to become an entrepreneurial nation, the theme would bring together various stakeholders, including young entrepreneurs, policy makers, the private sector, and researchers, to explore, ideate, collaborate, and generate new approaches that respond to the ever-changing needs, challenges, and dreams of young entrepreneurs.

The four-day event will comprise presentations by carefully selected technocrats and professionals, panel discussions, focused group discussions, and question and answer segments, among other tools.