The Association of Ghana Industries (AGI), has asked the government to consider some raft measures associated with the reversal of the benchmark value and implementation of zero-rated import duties on industrial raw materials.
The request comes on the heels of the government’s intention to engage stakeholders ahead of the 2023 Budget presentation aimed at restoring and sustaining macroeconomic stability.
Speaking to the media after a dialogue between the association and the finance minister, President of the AGI, Humphrey Ayim-Darke said he is optimistic that Ghana’s dire economic situation will improve if these measures are considered.
In order to improve the operations of its members, he declared that the association would continue to bring up crucial concerns, including the demand for international verification and benchmark discount value, among others.
Regarding challenges in conducting business, Mr. Ayim-Darke emphasised the need for government to enhance mechanisms that will make it simpler for companies to import raw materials for processing.
“We want the budget to look at issues like the VAT, zero-rated import duty on industrial raw materials to help rejuvenate the private sector,” he stressed.
He added that granting tax exemptions would significantly contribute to job creation and economic growth.
“If we could get some rejuvenation with some tax exemptions, some interventions like the zero-rated on raw materials and these reversals of the VAT and policy rate, we could help the government rejuvenate and create jobs in the private sector.
Source: The Independent Ghana