Association of Ghana Industries (AGI), has welcomed government’s decision to rescind previously approved Benchmark value which saw to the reduction of import duties.
The government of Ghana through it’s revenue generating body, Ghana Revenue Authority GRA has reversed the Benchmark which saw to a 50% and 30% decrease in import delivery value.
In a news release by the Presidency’s Communication Bureau, The Vice President in April 2019, said the reduction was designed to reduce the menace of smuggling in order to make the ports more attractive and competitive.
“To reduce the incidence of smuggling and enhance revenue, the benchmark or delivery values imports have been reduced by 50% except for vehicles which will be reduced by 30% effective 4th April 2019.”
Mr. Tsonam Cleanse Akpeloo, the Chairman of the Accra AGI said the reversal of the benchmark value is extremely relieving thanking the government for its effort, he however pleaded with government to help local industries strive saying: “Government has rolled out the national industrialization transformation agenda, which is essentially to make sure that Ghana becomes an industrial hub, in the wake of the continental free trade agreement…… we need industry to be competitive.”
He continued, “we cannot continue to give words and just slogan to industrial situation, we need to actually put some of these things in action. AGI is calling for government to provide zero VAT for imported raw materials, most of the raw materials we have are imported.”
He also stated that the challenge AGI face is the high price of importation of raw materials affecting their pricing and making their products uncompetitive compared to the imported ones.
