The Association of Ghana Industries (AGI) has expressed appreciation to the Government for reversing its benchmark value, saying it would help improve local production.
Mr. Dela Gadzanku, Chairman of the Volta, Eastern and Oti Chapters of the AGI, said the Association, as one of key institutions that sought a review of the benchmark value, welcomed the latest decision by the government.
He was addressing the opening ceremony of the Fifth Volta Trade and Investment Fair being held at the Ho Sports Stadium on the theme “Promoting Sustainable Trade and investment.”
“We repeatedly urged the government to uphold its favourable review of this important policy in the context of Ghana’s business economy, which was bleeding huge profits under this policy.
“It is our deepest relief to hear that the government has heeded our call for change.
“I will therefore convey our gratitude to the government for making such a prudent decision to bolster trade.”
The Ghana Revenue Authority recently removed its 50 per cent benchmark value policy on a total of 32 categories of items, a decision that has been met with anger by importer associations and welcomed by local producers.
He said the decision proved that the government’s commitment to import substitution remained steadfast and considered as a major policy for local development.
The AGI is a major partner of the Fair, which is under the auspices of the Volta Regional Coordinating Council.
Mr Gadzanku said the Region was elevating its production and trade prospects and avenues, with innovative and creative industries leading the way.
He said the Trade and Investment Fair, over the years, was “steadily building a superstructure which is a beacon of the Region’s ambition to transform the economic fortunes of its people”, and should be sustained.
The Fair is a two week event of hundreds of exhibitors and thousands of visitors, and present at the opening was several members of the diplomatic call and dignitaries from across the country.