The Importers and Exporters Association of Ghana (IEAG) has assured that the cost of doing business at the country’s ports will drop significantly next year, thanks to the government’s proposed tax relief measures.
The association highlighted the removal of the COVID-19 Health Recovery Levy and the Electronic Transfer Levy (E-levy), along with a Value Added Tax (VAT) reduction from 21.9 percent to 20 percent. These changes, it said, will sharply lower transaction costs at ports.
IEAG Executive Secretary Samson Asaki Awingobit told Citi Business News that the reforms represent a major boost for businesses, especially in import and export operations. He praised the government for its willingness to partner with the private sector, calling it a sign of maturity and resilience in economic stewardship.
Awingobit also committed to passing the savings on to consumers via lower prices. “Across the economy, the new government has shown maturity and preparedness to work with the private sector,” he said. “We want to assure the President that prices of goods will reduce once these taxes are fully implemented. Prices have already started coming down, and they will reduce further when COVID-related costs are completely removed at the ports.
“With VAT reducing from 21.9 per cent to 20 per cent next year, compliance levels will also improve. We encourage all importers to make proper declarations.”
Story by: Mercy Addai Turkson #ahotoronline.com