Nana provides lower import duties

Company News from Monday 1st April 2019

Source: Dailyguidenetwork.com

2019-04-01

President Akufo-Addo said plans were underway to reduce high tariffs in Ghana's ports.

The president revealed it during the weekend at a public meeting held in Worcester, Mbadachusetts (United States), for the benefit of Ghanaians.

The meeting was part of his itinerary during his visit to the United States.

Importers have repeatedly asked the government to intervene and reconsider the high taxes and duties applicable to imported articles.

President Akufo-Addo said: "Our studies have shown us that our ports are not competitive and that our country's import regime is far too high. We are dealing with it and very soon, the measures that the government will put in place will be known to all of you. I do not speak next year or in six months, I speak very, very soon. "

Some unions, including the Ghana Union of Traders (GUTA), have expressed concern over high import duties, saying the business activities were unpleasant.

Paperless reduces shipping costs

Finance Minister Ken Ofori-Atta said the introduction of the paperless system has reduced the cost of doing business in ports.

Before Parliament to answer a question by Adaklu MP Kwame Agbodza on whether the introduction of paperless ports had increased the cost of commercial transactions in ports, Mr Ofori- Atta said the initiative had decreased the cost of doing business.

"The results of the paperless harbor system have shown that the costs of doing business in the country's ports have been reduced from seven to three.

This subsequently reduced the total costs from 1,200 to 320 ¢ GH, "said Ken Ofori-Atta.

"This means that the paperless system has reduced the cost of transactions in ports by 960 GH ¢, saving 75%, so importers save 75% by implementing the paperless system. ".