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Data shows that Ghana missed revenue target on import duties by 20.6%, here’s why

Ghana’s Ministry of Finance has disclosed that revenue generated from the country’s trade with foreign firms and institutions declined by 6.73 percent to GH¢2.77 billion in the first half of the year.

Data shows that Ghana missed revenue target on import duties by 206%, here’s why

The figure is against the GH¢2.97 billion recorded for the same period last year.

It is also 20.63% below the GH¢3.49 billion projected to collect within the period.

The Ministry of Finance made the revelation in its 2019 half year provisional fiscal data.

The ministry said the decline is due to the government’s recent policies such as the reduction in the benchmark valuation of imports duties.

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A Fiscal Policy Specialist, Dr Alex Ampaabeng, who spoke in an interview with Accra based Daily Graphic after the data was revealed observed that he was hopeful that the policy would yield positive results in the coming years.

“I will not blame the benchmark value reduction wholly for the decline in the revenue collected from import duties for the first half of the year,” he said, adding that, “Although it could be partly responsible as the full effect of this reduction which is expected to make us competitive will not be felt instantly but the initial revenue lost is expected.

He explained that he was optimistic of a strong performance in the second half of the year and so the difference for the past period could be addressed.

“The reduction in the benchmark values does not necessarily equate to a direct slash of import duty. However, it is expected to make us competitive as a country on our borders," he added.

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