June 21, 2024
P.O.Box 613ER Gombilla House, Lamashegu Market, Tamale, Northern Region

Bawumia promises to realign Ghana’s import duties with Togo

The Vice President and Presidential Candidate of the governing New Patriotic Party (NPP), Dr Mahamudu Bawumia, has pledged to harmonise Ghana’s import duties with those of Togo once he assumes the presidency.

He said the Lome port posed a significant challenge to Ghana due to its lower tariffs, resulting in importers re-routing their traffic.

This initiative is aimed at curbing the ongoing smuggling and diversion of imported goods to neighbouring ports, which had been draining the country of millions of cedis meant for rapid development.

Interacting with religious leaders to begin his two-day tour of the Central Region, Dr Bawumia stated, “The Tema port will undergo full automation.”

“We are introducing a new import duty policy that will align with the duties at the Tema port with those at the Lomé Port. This policy will benefit our business community by eliminating the need for smuggling.”

He added, “Ghanaian ports will not impose higher duties than those at the Lomé port. This is our stance; we will maintain equal duties as they are our competitors.”

Dr Bawumia highlighted a milestone in Ghana’s history where consumers could conveniently purchase electricity units from their homes or any location without queuing at the Electricity Company of Ghana (ECG) offices.

He emphasised the implementation of transformative policies by the government, such as the issuance of digital national ID cards, and the groundbreaking Mobile Money interoperability between telcos and banks in Ghana.

These initiatives have positioned Ghana as the fastest-growing mobile money market in Africa.

Dr Bawumia outlined his strategy to stabilise the local currency and ensure exchange rate stability through the Bank of Ghana’s gold-purchasing policy, underscoring the significance of price predictability for businesses.

He affirmed, “My government will adopt a business-centric approach to enhance Ghana’s standing as one of the most business-friendly economies globally.”

The NPP flagbearer also disclosed the government’s intention to introduce a Credit-Scoring System for entrepreneurs and individuals by June this year, with the aim of lowering interest rates on loans, particularly for borrowers with a positive loan repayment history.

He urged the religious leaders to support and vote for him to lead the nation for progress.

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