The President on Sunday directed the Ghana Revenue Authority (GRA) to suspend the reversal of the 50 per cent cut in benchmark values, which is the amount taxable on imports, to allow for further consultations following a meeting between the Finance Minister and stakeholders.
Mr Abraham Koomson, the GFL Secretary-General, reacting to the intervention, told the Ghana News Agency that it was in line with the Federation’s call on the GRA to conduct exhaustive consultation on the directive before its implementation.
“The fears of massive job losses anticipated by the Federation because of imminent total collapse of the local manufacturing companies when the benchmark policy in its current structured form is implemented is allayed.”
He said while they recognised and respected the crucial role of importers and traders in building a strong national economy, they would appeal to the Government and other stakeholders to consider the critical contributions of the manufacturing industry in Ghana in terms of job creation to foster economic growth and development.
It was universally understood that the manufacturing industry drives the economic growth of a country and, therefore, the absolute need for government to create a congenial environment for industries to thrive, he said.
Mr Koomson, therefore, appealed to the Government to formulate favorable policies for the local manufacturing industry as was done in other vibrant economies worldwide to produce affordable goods for the populace.
GNA