Business Politics

New import duty regime in the offing – Akufo-Addo

During a recent visit to Worchester, Massachusetts, President Akufo-Addo told the audience at a town hall meeting that he plans to reform Ghana’s import duty regime with intent to alleviate high taxes at Ghana’s ports.

He assured Ghanaians that the government is already working on the deal and indicated that he is aware of petitions received by the State to revise the current import duty regime.

“We have realised from the studies we have done that our ports are not competitive, and the import regime in our country is far too high,” he said. “We are dealing with it, and, very soon, the measures that government will roll out will become known to all of you. I am not talking next year, or in 6 months’ time, I am talking very, very soon.”

According to Finance Minister Ken Ofori-Atta, the introduction of the new paperless port system has reduced costs. He added, “The results (of the Paperless Port system) showed that the cost components of doing business at the country’s ports have reduced from seven to three cost components. This has, subsequently, reduced the total costs from GH₵1,280 to GH₵320.”

He continued, “This means that the paperless system reduced the cost of doing business at the ports by GH₵960, representing 75 per cent savings. Hence, importers are now making savings of 75 percent as a result of the implementation of the paperless system.”

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