Category: Manufacturing
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Abena Osei-Asare proposes new Committee to transition importers into manufacturers
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…
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New AGI President calls for affordable power, credit to drive industrial growth
Newly sworn-in President of the Association of Ghana Industries (AGI), Dr. Humphrey Ayim-Darke, has charged government to prioritise, among other things, efforts at reducing the cost of electricity and the cost of credit to Ghanaian businesses. According to him, the affordability of the two would help make Ghanaian businesses to be competitive in the era…
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Prices of goods won’t increase by 50% if benchmark discounts are reversed – AGI
The Association of Ghana Industries (AGI) has debunked claims and threats of a 50% hike in the prices of goods on the markets if the government goes ahead with the implementation of the reversal of discounts on benchmark values at the ports. The remarks follow consistent claims by the Ghana Union of Traders Association and…
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Don’t backtrack on reversal of benchmark value discounts – AGI urges gov’t
The Association of Ghana Industries (AGI) is urging the government not to relent in its goal of implementing the reversal of the reduction in benchmark values policy introduced in 2019. The remark follows President Nana Akufo-Addo’s directive to the Ghana Revenue Authority (GRA) to suspend the planned implementation of the policy reversal, for further consultations.…
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Prices to go up by 50% with reversal of benchmark values policy – GUTA
The Ghana Union of Traders Association is warning of a steep increase of about 50% in the prices of some major goods imported into the country if the Ghana Revenue Authority (GRA) goes ahead with the implementation of the government’s policy directive on the reversal of the reduction of values of imports on selected items,…
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AGI challenges SMEs to adopt good business practices from inception.
The Association of Ghana Industries (AGI) has charged Small and Medium-sized Enterprises in the country to adopt good business practices from their inception. This according to AGI will enable such businesses to grow into formidable institutions in the future. The remarks were shared at the 10th AGI Ghana Industry and Quality Awards 2021 held over…
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Local industries will die if not protected from inferior imports – Prof. Dodoo
As the debate on the benchmark value reduction policy continues, the Ghana Standards Authority has added its voice to calls for the protection of local industries. According to the Director-General of the Authority Prof Alex Dodoo, local industries will die if they are left to compete unfairly with cheaper sub-standard imports. He made the remarks…
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GUTA cautions of ‘intense protests’ if benchmark value policy is reversed
The Ghana Union of Traders Associations (GUTA) is warning of intense protests if the government goes ahead with plans to reverse the benchmark value reduction policy. Over a week after the Finance Minister proposed the reversal of the benchmark reduction policy in the 2022 budget, different stakeholders have defended or spoken against the move. In…
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Importers threaten to increase prices of goods if Gov’t doesn’t restore benchmark policy
The Importers and Exporters Association of Ghana is threatening to have its members increase the price of the goods they bring into the country if the government goes through with the reversal of the 50% benchmark policy on some 32 product categories. Some documents cited by Citi Business News purportedly from the Ghana Revenue Authority…
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Gov’t urged to use the 2022 budget to stimulate production activities in the country
The government is being urged to use the 2022 budget statement and economic policy to introduce supply-side initiatives that will stimulate production. According to economist Courage Martey, an improvement in domestic production will go a long way to mitigate the rising rate of inflation. The year-on-year inflation rate for October 2021 hit 11 percent, according…