Vice President Dr. Mahamudu Bawumia has disclosed that import duties will be reduced by fifty percent (50%).
He said this new policy, he said will take effect from tomorrow, Thursday 4th April, 2019.
He, however, said duties for vehicles will be reduced by thirty percent (30%). The Vice President said this at a town hall meeting in Accra to address the recent economic challenges.
“To reduce the incidence of smuggling and enhance revenue, the benchmark delivery value of imports will be reduced by 50 per cent,” he said.
Dr. Bawumia’s revelation comes after President Nana Addo Dankwa Akufo-Addo promised to act on calls by the importers to reduce tariffs at the ports.
President Akufo-Addo said this when he addressed a town hall meeting of Ghanaians resident in Worcester, Massachusetts, in the United States of America on Saturday, March 30, 2019.
According to him, his government has put in place reforms to the import duty regime in the country and these will bring down the high duties prevailing in the ports.
“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. We are dealing with it, and, very soon, the measures that the 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,” he said.