The government is expected to announce a reversal of the benchmark value discount policy in the 2023 Budget, says Humphrey Ayim-Darke, the president of the Association of Ghana Industries (AGI).
The benchmark value discount policy was introduced by the government in April 2019 in an attempt to make the Ghanaian ports competitive, reduce smuggling and increase revenue for the state.
The policy provided a discount of 50% on the delivery or benchmark values of imports with the exception of vehicles.
The decision was made known after President Akufo-Addo met with AGI executives last week.
Speaking on the Asaase Breakfast Show on Wednesday (2 November), Dr Ayim-Darke said the policy has severely weakened the government’s revenue base.
“I recall, in the early days of the engagements, we clearly stated the challenge that the policy [would] bring to the economic development strategy that the country was embarking on. Our colleagues on the other side were looking at the short-term gain of pricing.
“We are glad today, as part of the rollout plan the government pledged to us, that by the close of the year such policies will be reversed to bring about harmony. So that our production base can be competitive,” he said.
The Finance Ministry, Ghana Union of Traders’ Associations (GUTA), Association of Ghana Industries, Ghana Importers and Exporters Association and other stakeholders in the manufacturing, import/export and trading industries in February concluded on 30% and 10% as the benchmark values for general goods and vehicles, respectively.
Listen to Humphrey Ayim-Darke in the audio clip attached below:
Watch the full interview in the video attached below:
Fred Dzakpata
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