The President-elect of the Association of Ghana Industries (AGI), Dr. Humphrey Ayim-Darke has described the benchmark value policy as an anti-industrialist tool which needs to be overhauled.

According to him, the policy only benefits the importer at the expense of Ghana’s value chain which holds great potential for job creation, revenue mobilisation and socio-economic benefits.

Speaking on JoyNews’ PM Express, Dr. Ayim-Darke stated that the benchmark value policy has dislocated the country from its industrialisation drive, as it does not align with the economic policies of government.

He said, “The benchmark policy was a misalignment onto the economic model that the government had promised and had articulated in various platforms including the famous one district one factory and other related industrialisation models. Our position is the benchmark policy is dislocating the economic model. That is item number one. Our position has never been the case that the policy is a revenue generation policy.”

He explained that considering the fact that there are only 43 products out of the over 4000 products that enjoy some sort of benchmark value, it is wrong to assume the end goal of the reversal of the benchmark value is revenue mobilisation.

“We are repeating that the policy dislocated the industrialisation agenda that had been promised by the government and therefore ever since 2019 we have conducted significant research, advised government that this said policy is anti-industrialisation.”

Supporting his claim concerning the anti-industrialist characteristic of the benchmark value policy, he juxtaposed the rice production value chain against rice importation.

“Let me take the value chain of rice production from Sandama way in the north or from Aveyime way in the Volta Region to the final consumer in Agbogbloshie or somewhere in East Legon. When you look at each value chain there is significant input that generates jobs that generates taxes that creates various socio-economic benefits to the value chain as against an importer.

“For example, we have an importer of all manner of rice brands in town you could name who imports X percentage or tons of rice through the port and his argument is that by virtue of the benchmark value I have a marginal increment in the importation as a result of freight charges and other related charges and therefore the developmental agenda of the country should be thrown to the dogs as I will benefit against the value chain from Sandama to Agbogbloshie and we say no.”

He stressed that for Ghana to realize its full industrialisation potential, the benchmark policy or any other economic policy implemented should strictly be in line with the government’s development agenda.