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    Ghana’s total exports decline by 9%

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    Financial sector withstood 2022 shocks; positive signs ahead – BoG

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    Ghana’s total exports decline by 9%

    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Excise tax amendment shows positive signs; rakes in GHS 140m 

    Ghana records over $200m trade surplus in two months

    Public debt hits GHS 575.5 billion; now 71.9% of GDP

    GEPA poised to achieve over $4bn target for non-traditional exports

    GRA fights off claims of harassing traders; calls for cooperation

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    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Influx of Chinese tanker trucks will kill local businesses – Kwame Jantuah

    GRA fights off claims of harassing traders; calls for cooperation

    Hanno Barkhoff joins Kempinski Hotel Gold Coast City Accra as General Manager

    WTO Director-General calls for ratification of Fisheries Subsidies Agreement

    B5 Plus is an iconic testament of success of 1D1F initiative – K.T. Hammond

    BoG advised me to streamline Menzgold operations – NAM 1

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    Govt. urged to commit more investments to enhance AI competencies

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    Ofori-Atta commends G20 for AU’s inclusion, urges common voice

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    African Union to launch regional credit rating agency in 2024

    New study reveals alarming food access disparity affecting 650 million Africans

    Global food price index declines in August

    ECO currency challenges: Technical committee attributes delays to external shocks, others

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Abena Osei-Asare proposes new Committee to transition importers into manufacturers

byBobbie Osei
February 28, 2022
in Local Economy, Manufacturing, Top Stories
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The Finance Ministry has proposed to the trading community a new Industrialization Committee to help importers begin manufacturing some of the things they buy from other countries.

This comes on the back of an announcement of a phased reversal of the benchmark values discount policy starting March 1, 2022.

The Finance Ministry last week announced that after consultations with stakeholders in the trading community on the benchmark values reduction policy, the government had finally concluded on a 30 percent discount for all goods and a 10 percent discount for vehicles.

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This represented a drop from the previous arrangement which saw a discount of 50% being applied on the benchmark values of selected goods and a 30 percent discount being applied on vehicles.

The new revisions according to the Finance Ministry, is the first step in a phased approach to reversing the Benchmark Values Reduction policy completely.

While the Association of Ghana Industries (AGI) expressed their disappointment with the announcement, the importing community including members of the Ghana Union of Traders Association welcomed the move.

Speaking to Citi Business news on the way forward, A Deputy Minister of Finance, Abena Osei-Asare said the formation of an Industrialization Committee will not only help some of the importers to produce some of the things they import but also help the government in its industrialization drive.

“The Industrialization Committee will help our traders to move from being just importers to being able to produce locally some of the things they import. This we believe will go a long way to help us in our industrialization. We believe that we should start small. The things we import, what can we do to reduce our dependence on these imports.”

“So we want to bring this committee together to see how best we can streamline and make it possible for some of our importers to be able to set up factories here,” she added.

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