The Executive Chairman of the Tobinco Group of Companies, Elder Nana Amo Tobbin I says the suspension of the Benchmark Values on vehicles and general goods is a step in the right direction.
According to him, although the prices of vehicles and general goods will increase in the interim, it will be stabilised within a short time, adding that Ghanaians will enjoy a lot of benefits in the end.
The Government suspended 50% benchmark values on selected general goods and the 30% on vehicles to make the measure more efficient and targeted.
Finance Minister Ken Ofori-Atta, who announced this when he presented the 2022 Budget to Parliament, said the move was consistent with the government policy to promote local industry and improve foreign exchange earnings.
He said the Government was committed to a programme of turning enterprising traders into manufacturers of widgets, tools and other machinery necessary as inputs for industrial growth.
While the AGI pushed for the suspension of the Benchmark values, GUTA was also not in support of it because they said it will affect their businesses and inflate prices of imported goods.
Speaking with Ekourba Gyasi Simpremu on Atinka TV’s morning show, Ghana Nie, Elder Nana Amo Tobbin I said the move will compel importers to either open factories and manufacture products here in Ghana or cut their profit margins, adding that Ghana will gain either ways.
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That, he explained will create more jobs for the youth in the country.
The move, Nana Amo Tobbin I said will also help boost local industries to produce more, saying that to much importation has killed many local industries because people mostly patronise the imported goods more than the locally manufactured ones.
“It is true we do not produce everything here in Ghana. When you come to the pharmaceutical industry which I’m part of , you realize that no company in Ghana manufactures injectable and suppositories and so if you increase the price, it will be expensive for the end users. If the prices go up, what will happen is that the local companies will be forced to go and purchase machines to manufacture it here when they know it will be cheaper producing it here,” he said.
“On the other hand, for those who import all these products, as the prices go up, what will help them in the near future is that they will bring the factory to this country and manufacture it here. They will know that when they manufacture it here, it will cheaper and so there will be a lot of industries, a lot of manufacturers will come in because of this and that will really help the country. From the beginning, the prices of some of these imported products will go up but let’s give ourselves about a year, it will also help the youth get jobs,” he added.
Ghana| Atinkaonline.com| Porcia Oforiwaa Ofori
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