Industry debate benchmark value, more at business seminar

Industry experts in Ghana recently gathered in Accra for a business seminar that sought to deliberate on pertinent developments in the Ghanaian economy and their impact and mitigating factors for German-Ghanaian businesses.

Organized by the Delegation of German Industry and Commerce in Ghana (AHK Ghana), the seminar dubbed “Ghana’s Economic Outlook for 2023”, sought to enlighten individuals and businesses about the outlook of the economy and how businesses can hedge against the current economic challenges Ghana is facing.

Subjects for discussion included the New VAT Amendment Act, the Reversal of the Discount on Benchmark Values, and the Government Debt Restructuring program.

During the discussion on the Discount Policy on Benchmark Values, a Supervisor at the Customs Technical Services Bureau (CTSB), Justice Yadjayime, intimated that the reasons that accounted for the reversal of the benchmark value policy included the fact that it was against World Trade Organization rules and that the Revenue Authority lost revenue of about 3 Billion as a result.

The Executive Secretary of the Importers and Exporters Association of Ghana, Samson Asaki Awingobit, said the benchmark value policy did not go down well with the majority of importers leading to many importers seeking to channel imports via neighboring ports.

The CEO of the Association of Ghana Industries, Seth Twum Akwaboah on his part said, his outfit was not against the complete reversal of the policy as often misconstrued, but rather the exemption of a selected group of imported products Ghanaian industries had an advantage in.

A delegate for the Delegation of German Industry and Commerce in Ghana, Burkhardt Hellemann, said Ghana’s competitive advantage for foreign businesses is waning with time. He attributed this to the trade uncertainty that has emerged out of Ghana’s economic situation.

He said “at the end of January when I asked my team about German companies' interest in Ghana, I was told Ivory Coast and Senegal are picking up. Ghana is not anymore the only country in West Africa for German countries to look into.”