Benchmark Value: Finance Ministry to announce way forward after meeting stakeholders
The Ministry of Finance is expected to announce its final decision on the reversal of the implementation of the benchmark value policy following a meeting between the Finance Ministry and stakeholders Thursday afternoon.
The meeting afforded the leadership of GUTA, AGI and the IEAG the opportunity to state their positions on the policy and how it would impact their operations.
The leadership of the AGI and GUTA in separate interviews held opposing views on the policy, and expressed hope that the Ministry would soon state it’s position on the matter to bring finality to the disagreements surrounding the policy.
The GRA, however, deferred the implementation of the policy for 24 hours to allow importers who got their duty bill before January 4, 2022, to pay and clear their goods.
The policy has since been met with divided opinions over its appropriateness among industry players and stakeholders.
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Briefing the journalists after the meeting, Seth Twum Akwaboah, Chief Executive Officer of AGI, said, ”The Minister listened to the position of all parties. For us at AGI, our position is that we should support local manufacturing and the local industry.
“If you have an industrialization agenda, rolling out 1D1F and suddenly you reduce the cost of imports to undermine your own industrialization efforts, it will not work well”.
Mr Akwaboah said the stakeholders did not get a clear conclusion on the policy after the meeting adding that the Association is waiting for an official communique from the Ministry.
Dr Joseph Obeng, President of GUTA, said the Association appealed to the Finance Minister to suspend the reversal of the policy to cushion traders in the country.
“We are appealing to the Minister to come out as soon as possible because our people are confused as to the way forward,” he said.
