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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

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    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

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    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

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    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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NDC will scrap new law banning importation of ‘accident cars’ – Mahama

September 7, 2020
in Business, Top Stories
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Flagbearer of the opposition National Democratic Congress (NDC), John Dramani Mahama, has stated that a future NDC government will withdraw the law that bans the importation of salvage vehicles, also known as accident cars, as well as second hand cars of not more than years old into the country.

Mr. Mahama said his next government will also scrap the proposed increment in the import duty for such vehicles.

The move, according to the former President, is to ensure Ghanaians, whose livelihoods depend on that sector of the economy, continue to enjoy decent lives and revenues.

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The Customs Amendment Act 2020 among other things, provides incentives for automobile manufacturers and assemblers registered under the Ghana Automotive Manufacturers Programme and prohibits the importation of salvaged motor vehicles and second-hand cars of over ten years old.

It was passed by Parliament in March, and it is expected to be rolled out in November 2020, despite stiff opposition from dealers in such vehicles.

The Minority in Parliament had insisted the new law is counterproductive and will lead to more job losses than new employment.

Highlighting portions of the party’s manifesto on Monday, September 7, 2020, however, John Mahama indicated that the review of the amendment act is to protect the local automotive industry from collapse.

“We will review the Customs Amendment Act 2020 (Act 1014) to scrap the law banning the importation of salvage vehicles and the proposed implementation of a 35 per cent import duty rate. We are going to scrap it in order that salvage cars are not banned, and the duty rate government intends to impose on these vehicles does not happen. This is to safeguard the local automobile industry so that our people in Suame Magazine, Abossey Okai, Komkompe to continue to work to earn a decent living.”

Since the law was announced, car and spare parts dealers, clearing agents, and artisans have put pressure on government to review it.

But the government’s justification is for Ghanaians to focus on the long-term gains that the Customs Amendment Bill will bring rather than the immediate losses.

The benefits it says largely outweigh the losses as the amendment will boost the Ghana Automotive Manufacturing Programme which has so far attracted several car assembling plants into the country.

Tags: Customs Amendment Act 2020John MahamaNDC Manifestosalvage carssecon-hand cars
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