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.
Organised 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 economy’s outlook and how businesses can hedge against the current economic challenges facing Ghana.
Subjects for discussion included the New VAT Amendment Act; Reversal of the Discount on Benchmark Values; and the Government Debt Restructuring programme.
During the discussion of Discount Policy on Benchmark Values, a Supervisor at the Customs Technical Services Bureau (CTSB), Justice Yadjayime, intimated that reasons accounting for reversal of the benchmark value policy included the fact that it was against World Trade Organisation rules – and that the Revenue Authority lost revenue of about GH¢3billion as a result.
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 neighbouring ports.
CEO of the Association of Ghana Industries, Seth Twum Akwaboah, on his part said his outfit is not against a complete reversal of the policy as often misconstrued – but rather the exemption of a selected group of imported products Ghanaian industries have advantage in.
A delegate for the Delegation of German Industry and Commerce in Ghana, Burkdardt 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 no more the only country in West Africa for German countries to look into”.
