Imports duty reduced by 50%, cars 30% effective April 4

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Government says effective Thursday, April 4, there will be a reduction in import duty at all of the country’s ports.

Vice President Dr. Mahamudu Bawumia, who disclosed this at the Economic Management Team (EMT) town hall meeting Wednesday, said, imports duty will be reduced by 50 per cent while importers of vehicles will enjoy a 30 per cent reduction.

During a recent visit to Worchester, Massachusetts, President Akufo-Addo told a crowd at a Town Hall meeting that he plans to reform Ghana’s imports duty regime with the intent to alleviate high taxes at the country’s ports.

He assured Ghanaians that government is already working on the deal and indicated that he is aware of petitions received by the state to revise the current import duty regime.

“We have realised from the studies we have done that our ports are not competitive, and the imports regime in our country is far too high,” he said.

“We are dealing with it, and, very soon, the measures that 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.”

According to the Finance Minister, Ken Ofori-Atta, the introduction of the new paperless port system has reduced costs.

He added that “the results (of the Paperless Port system) showed that the cost components of doing business at the country’s ports have reduced from seven to three cost components. This has, subsequently, reduced the total costs from ¢1,280 to ¢320.”

“This means that the paperless system reduced the cost of doing business at the ports by ¢960 representing 75 per cent savings. Hence, importers are now making savings of 75 percent as a result of the implementation of the paperless system.”

The wait is over as the Dr. Mahamudu Bawumia said Cabinet has approved for the reductions to take effect on Thursday. 

                                                  

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