More revenue to be generated at the port after reversal of benchmark value
We'll safeguard the interests of local manufacturers, Ofori-Atta
Finance Minister, Ken Ofori-Atta, has disclosed government's intention to avert any hardship importers will face at the port due to the reversal of the 50% benchmark value policy.
He was quick to add that, while government is working on this, the interest of local manufacturing companies will equally be protected to help create jobs for Ghanaians.
Speaking at a press briefing on Monday, December 6, the Finance Minister said 43 items that have been reviewed out of the 81 will promote local manufacturing companies under the 1 District 1 Factory initiative.
He said, “On the benchmark values, we shall avert any hardship on importers and consumers while safeguarding the interest of local manufacturing industries to secure and expand jobs for our people. The administrative exercise which reviews 43 out of 81-line items has the objective to promote local manufacturing under the 1D1F policy including the assembly of vehicles.”
“It is important to note that this adjustment affects only 11.4% of the total CIF value, of which 50% is for vehicles. From our analysis, the potential increase in retail prices should be relatively insignificant and therefore inflation should be muted,” he stated.
Finance Minister, Ken Ofori-Atta, during the 2022 budget presentation in parliament approved the removal of 50% benchmark values on 32 categories of items at the ports.
Some members of the trading community, following the news reportage, expressed discontent about the decision taken by government.
They opined that the reversal of the policy will increase the burden of Ghanaians amidst the economic hardship.
But the finance minister said the reversal of the benchmark policy on imported goods at the ports aims at promoting the local industry.
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.
Finance Minister, Ken Ofori-Atta
