CIMAG supports reversing benchmark value policy

CIMAG supports reversing benchmark value policy

… urges GUTA to look at bigger picture

The Centre for International Maritime Affairs, Ghana (CIMAG) has indicated its full support for government’s proposal to reverse the benchmark value policy and allow for fair competition in order to grow local industries.

According to the Executive Director, Albert Derrick Fiatui, 70 percent of importers in the country are not really Ghanaians; and therefore the benchmark value policy is only favouring a select few against local producers.

In an interview with the B&FT, he emphasised that reversal of the benchmark value policy will grow local industries, allow for fair competition, position Ghanaian businesses to compete favourably on the Africa single market, boost patronage of Made-in-Ghana goods and create more jobs.

“We are supporting it as a Centre because we advocate for the growth of industries and the whole country. What we have come to realise is that the benchmark value policy came in and was only helping a selected few, and it brought unfair competition against our own local manufacturers here.

“We are all crying for our local industries to grow and we are all saying patronise Made-in-Ghana; but when Made-in-Ghana goods are more expensive nobody is going to buy them. And because AfCFTA is now in place, we have to be positioning ourselves such that we are able to manufacture at a cheaper cost so we are able to compete effectively in the continental market,” he said.

The Executive Director of CIMAG is appealing to leaders of the Ghana Union Traders Association (GUTA) to find reasons for supporting the idea, because it is going to benefit goods in general and not only the selected few.

“There are several other ways some incentives can be granted them so that they can also work. Their work is so much important to the country, and we all support them; but in this issue, it is for the interest of the entire country and not a selected few.”

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