National Communications Officer for the NDC, Sammy Gyamfi has reacted to the directive from President Akufo-Addo to the Ghana Revenue Authority, GRA to suspend the reversal of the cancellation of the benchmark values.
Sammy Gyamfi in a Facebook post is claiming victory over the directive.
Sammy Gyamfi further lauded GUTA and Importers and Exporters Association of Ghana for making sure government did not continue with its implementation.
"Folks, this is VICTORY for the Ghanaian people. Kudos to GUTA, the Importers and Exporters Association of Ghana and all those who stood against the callous decision by government to reverse benchmark value discounts on imports."
"Together, we have averted what was going to be one of the most draconian and devastating economic policies in Ghana’s history. We have demonstrated that the power of the people is powerful than the people in power.
But until this draconian policy is totally dropped by government, we must rest not. Aluta Continua! Victoria Acerta!"
Background
President Akufo-Addo has directed the Ghana Revenue Authority (GRA) to suspend the planned implementation of the reversal of the benchmark values discounts for further consultation.
At a meeting with officials of the GRA and other stakeholders, the President gave a deadline of January 17 for all consultations to conclude.
President Akufo-Addo says the move will help all players understand the policy before it is rolled out.
The GRA on January 4th announced the implementation of the policy despite stiff opposition from industry players.
About benchmark value reduction
The benchmark value, which is the amount taxable on imports, was reduced by 50 percent for some goods.
The import value for cars was also reduced by 30 percent.
The government’s hope was that easing the import regime would make Ghana’s ports competitive by increasing the volume of transactions and increasing revenue generated at the ports.
But as the government pushed its industrialisation drive, critics, like the Association of Ghana Industries, also called for a review of the benchmark value reduction policy.
It argued that imports that compete with locally manufactured products must be exempted from the policy as part of a cushion for local products.
The Ghana Union of Traders Associations had earlier called on its members to oppose the development.
The union argued that importers had to contend with increases in exchange rates, the cost of freight, among others.