This is to generate more revenue
The trading community, however, wants the benchmark value policy maintained
Finance Minister, Ken Ofori-Atta, has approved the removal of 50% benchmark values on 32 categories of items at the ports.
It would be recalled the Ghana Revenue Authority (GRA) on Monday, November 15, announced the reversal of 50% discount the trading community benefit from.
Some members of the trading community, following the news reportage, expressed discontent about the decision taken by GRA.
They opined the reversal of the policy will increase the burden of Ghanaians amidst the economic hardship.
But during the 2022 budget presentation in parliament, the finance minister explained that the reversal of the benchmark policy on imported goods at the ports aims at promoting the local industry.
Ken Ofori-Atta said, "After two and a half years of operation, the temporary benchmark (discount) policy on imports introduced as a stop-gap measure has been reviewed to make it more efficient and better targeted."
"This is consistent with Government policy to promote local industry and improve foreign exchange earnings. We are committed to a program of turning our enterprising traders into manufacturers of widgets, tools and other machinery necessary as inputs for our industrial growth," he stated.
All items under the 32 categories currently enjoying port clearing discounts include sugar, noodles, palm oil, roofing sheets, toilet paper, facial tissue and towel, chocolates, Portland cement, clinker and mosquito coil.
Others are vehicles, ceramic tiles, aluminium products, cartons, textiles, fruit juices, among others.
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