Chairman for the Volta, Eastern, and Oti Chapters of the Association of Ghana Industries, Dela Gadzanku, has praised the government for reviewing the benchmark value policy.

The Finance Minister, Ken Ofori-Atta, presenting the 2022 Budget statement on the floor of Parliament on Wednesday, indicated that the 50% and 30% benchmark values on some 32 selected items have been removed.

Ken Ofori-Atta explained that the move is aimed at promoting the local production of goods and improving foreign exchange earnings.

“After two and a half years of operation, the temporary benchmark (discount) policy on imports introduced as a stop-gap measure has been reviewed to make it more efficient and better targeted.

This is consistent with Government policy to promote local industry and improve foreign exchange earnings. We are committed to a programme of turning our enterprising traders into manufacturers of widgets, tools, and other machinery necessary as inputs for our industrial growth,” Ken Ofori-Atta said.

Reacting to this, Dela Gadzanku said that the Association finds it welcoming that their campaign for the revision of the policy is successful.

“The AGI is very excited because we championed this campaign and now we can only commend the government for a great work done and an excellent decision taken,” Mr Gadzanku said whilst speaking at the official opening ceremony of the 5th Volta Trade and Investment Fair at the Ho Sports stadium on Friday, November 19, 2021.

“It is our deepest relief to hear that the government has heeded our call for change. I will therefore convey our gratitude to the government for making such a prudent decision to bolster trade,” he added

The event was under the theme: Promoting Sustainable Trade and investment.

About 350 exhibitors have registered to participate in the fair.

Meanwhile, the Ghana Union Traders Association has already warned that a review of the benchmark policy will result in a rise of the prices of general goods.