The Finance Minister, Ken Ofori-Atta, has hinted of a possible review of the 50 percent benchmark import value next year.
Government in April this year, during the mid-year budget review, reduced the benchmark value of import duties on general goods by 50 per cent and 30 per cent on vehicles to make importation cheaper.
However, stakeholders including the Association of Ghana Industries, AGI, says the move runs counter to the country’s industrialization agenda and poses major threats to local industries.
Already, those in the local rice and poultry industry say the reduction has allowed the importation of more rice and chicken at cheaper rates thereby affecting local players.
Speaking at the AGI’s Annual General Meeting, Mr. Ofori-Atta said government will consider the policy in the coming year.
“The introduction of a 50% reduction in benchmark value led to some discomfort in industry, and we acknowledge that, and know that we need to sit to re-balance the inequities that it has brought. But I think we should note that we came and inherited very difficult circumstances in the economy, but we also believe the future really rests in the quality of our people, so if you look at the policies that we have been pursuing it is really towards increasing social justice, social mobility and creating a sense of inclusiveness”.