Communications Officer of the National Democratic Congress Sammy Gyamfi has welcomed the news of the President’s decision to suspend the implementation of the reversal of the 50% benchmark value on certain imports.
“Kudos to GUTA, the Importers and Exporters Association of Ghana and all those who stood against the callous decision by government to reverse benchmark value discounts on imports,” Mr. Gyamfi said in a post on Facebook.
“Together, we have averted what was going to be one of the most draconian and devastating economic policies in Ghana’s history. We have demonstrated that the power of the people is powerful than the people in power.”
Mr. Gyamfi however said, “until this draconian policy is totally dropped by government, we must rest not.”
Per the president’s instructions by January 17, he expects the Ghana Revenue Authority to be done with their consultations.
He also wants all stakeholders involved to understand the policy before it is commenced.
43 items including rice, poultry, sugar, palm oil, toilet paper, mosquito coils, machetes, and vehicles are expected to be affected by the reversal.
The benchmark policy was introduced by the government in 2019 to benchmark certain commodities against world prices as a risk management tool.
Protection of health, the environment, and security, as well as the protection of local industries, were also factored in.
Association of Ghana Industries supports the reversal of the policy, which it expects the local manufacturing industry to benefit from the higher cost of imports.
But the Ghana Union of Traders Associations has called on its members not to support the development, arguing that importers have had to contend with increases in exchange rates, and the cost of freight, among others.
Also, the Importers and Exporters Association of Ghana have said that businesses in Ghana would be negatively impacted by the reversal.