President Akufo-Addo with members of the Oil Palm Development
Association of Ghana at the Jubilee House<\/strong><\/p>\nProducers of palm
\noil are pushing for a review of the policy that allows the importation of the
\nproduct into the country.<\/p>\n
A recent
\nannouncement by government reduced import levy on palm oil by 50 per cent, but
\nthe Oil Palm Development Association of Ghana (OPDAG) says the reduction is
\nhaving a toll on their businesses, for which reason it wants the levy to be
\nincreased to save the local market.<\/p>\n
Speaking at a
\nmeeting with President Akufo-Addo at the Jubilee House last Tuesday, president
\nof the association, Samuel Avaala, indicated that the impact of the new import
\ntariff policy was adversely affecting the local palm oil industry.<\/p>\n
\u201cThe local
\nrefineries and manufacturing industries are no longer viable to operate; the
\nrefineries are unable to sell their products competitively against imported
\nvegetable oil which has become cheaper as a result of the above policy which in
\nessence has subsidized the imports,\u201d he pointed out.<\/p>\n
\u201cThe cost of a
\n25-litre vegetable oil produced locally is sold on the market for GH\u00a2140
\ninclusive of the duty, levies, VAT and logistics. But the imported vegetable
\noil products are sold on the market at the price of GH\u00a2113,\u201d he added.<\/p>\n
Prior to the
\npassing of the 50 per cent benchmark policy, the association, together
\nwith the Ministry of Food & Agriculture and the Customs Division of Ghana
\nRevenue Authority, was fighting the practice of undeclared vegetable oil
\nimports. <\/p>\n
\u201cThis policy has
\nlegitimized under invoicing, hence the flooding of our markets with cheaper and
\nsubstandard vegetable oils. The phenomenon of under-declaring and
\nunder-invoicing is costing about three million dollars (US$ 3,000,000) revenue
\nloss to the state per month,\u201d he revealed.<\/p>\n
As a result, the association
\nwants government to consider exempting vegetable oil (palm oil) from the 50 per
\ncent reduction on the import benchmark value. <\/p>\n
It also wants the
\nimportation of vegetable oil to be restricted to the Tema and Takoradi ports of
\nentry and none other in order to control smuggling as it has been done for the
\ntextiles industry.<\/p>\n
In his response,
\nPresident Akufo-Addo noted that a country like Malaysia picked the oil palm
\nbusiness from Ghana and has developed it into a $16-billion dollar industry per
\nyear. He said that is facing serious challenges at the attempts to develop the
\nsector.<\/p>\n
\u201cThe issues that you have brought here are very important issues for us in Ghana and they are matters which we have to address.\u00a0\u00a0 I want you to have a clear understanding that the overall posturing of my government is to be very sympathetic to your development. I think it will make a lot of sense for Ghana if we could find a consensus and a meeting of minds on how to address the challenges that are bothering you, because ultimately we will be the big gainers of it,\u201d he told members of the association.<\/p>\n
By Charles Takyi-Boadu, Presidential Correspondent<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"President Akufo-Addo with members of the Oil Palm DevelopmentAssociation of Ghana at the Jubilee House Producers of palm oil are pushing for a review of the policy that allows the importation of the product into the country. A recent announcement by government reduced import levy on palm oil by 50 per cent, but the Oil […]<\/p>\n","protected":false},"author":1,"featured_media":688644,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-688643","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politics"],"yoast_head":"\n
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