President of Ghana, Nana Addo Dankwa Akufo-Addo
Remain focused on industrialization and transformation agenda, AGI to government
Ghana can’t sacrifice its industrial initiatives for short-term gain, AGI
The policy is very regressive to the manufacturing space, AGI
The Association of Ghana Industries (AGI) has accused government of supporting the importation of goods in the country.
This follows a directive by President Nana Addo Dankwa Akufo-Addo to suspend the reversal of the benchmark value policy for further deliberations with key stakeholders in the business community.
President of the association, Dr. Humphrey Kwesi Ayim-Darke, speaking at a press conference on Monday, January 11, described the directive as regressive and contrary to government’s transformation and industrialization agenda.
Ayim-Darke, therefore, reminded government to remain focused on its industrialization and transformation agenda to propel economic growth and create jobs.
“The AGI is urging the government not to backtrack on the implementation of the reversal of the benchmark discount values policy. We want the government to remain focused on its industrialization and transformation agenda and unwavering in its decision to implement the much talked about policy reversal,” Ayim Darke is quoted to have said by Citi Business News.
“…While other countries are offering rebates to help their companies produce and export, Ghana is offering rebates that promote importation,” he stressed.
He continued, “The AGI believes the benchmark discount policy in its current form runs contrary to government’s own agenda of industrialization. We can’t afford to sacrifice our industrial initiatives for short-term gains that serve the interest of a few finished product importers. This policy is very regressive to the manufacturing space and will be most unfortunate if maintained in its current form,” he added.
As part of government’s efforts to promote local production, discounts on benchmark values for some selected items were scrapped in the 2022 budget presented by the Finance Minister, Ken Ofori-Atta in November 2021.
The reversal was to affect some 143 items under three categories prescribed by the Ghana Revenue Authority.
The benchmark value, which is the amount taxable on imports was reduced by 50 percent for some goods.