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The Rice Millers Association says the reversal of the benchmark value is essential to developing the country’s local industry and empowering it to flourish.
The association had called for a reversal of the discounts, saying such a move will help in working on the fortunes of the local rice industry.
The Rice Millers Association indicated that the execution of the 50% benchmark policy over the last two years has prompted the closure of
various local rice factories.
The organizer of the association, Yaw Adu-Poku, focused on the fact that the new policy will establish the right climate to help indigenous
“In Ghana, we have a problem; it is basically a consumer-based society so whatever we have here is imported. And to make it even worse, the
government says ‘I’m going to give concession to goods that are already enjoying some concession’. How do the locals compete in such a situation? The goods that are coming in, most of them are enjoying
concessions from their mother country and then the Government of Ghana also saying ‘let’s make it affordable?’” he said.
This came up following the President’s directive to suspend the execution of the reversal of the benchmark value discounts.
President Akufo-Addo called on the Ghana Revenue Authority, GRA to suspend the reversal of the policy to enable broader consultation adding that, the move will assist all players with understanding the policy before it is carried out.
The Ghana Revenue Authority (GRA), last week, deferred the execution of
the reversal of the benchmark values to Monday 17, January 2022.
The authority clarifies that the transitional arrangements are to guarantee a smooth execution.
It is additionally to permit a storage-free period for vessels discharged on 31st December 2021 to go through clearance without being affected by the reversal of the policy.
Notwithstanding, the association requires the reversal to be executed, as it accepts it is the surest approach to, at long last, produce in
the full capacity to meet demands.