NPP GERMANY Lauds Dr. Bawumia’s Vision To Align Ghana’s Port Charges And Taxes To That Of Togo Port
Furthermore, we believe a well-designed tax and port duty system can contribute to these objectives by reducing barriers to trade, encouraging entrepreneurship, and attracting foreign investment
NPP GERMANY
PRESS RELEASE
01—03—2024
NPP GERMANY COMMENDS VEEP DR. MAHAMUDU BAWUMIA FOR HIS VISION TO ALIGN GHANA’S PORT CHARGES AND TAXES TO THAT OF TOGO PORT
On February 7th 2024, Vice President of the Republic of Ghana and 2024 NPP Flagbearer, Dr. Mahamudu Bawumia presented his vision for the nation should he be given the mandate as the next President.
He outlined a whole lot of interventions and rescue mission.
One thing that caught the eye and interest of NPP GERMANY was his intention to review tax, duty and port charges at Ghana’s ports and align it to those of our neighbouring West African counterparts, Togo.
This proactive step signifies a commitment to ensuring economic vitality and fostering growth within our nation.
NPP GERMANY welcomes the commendable decision by Ghana as announced by NPP Flagbearer Dr. Mahamudu Bawumia on his vision to align port duties and charges with that of Togo’s free Port system.
This strategic move holds immense promise and offers a plethora of advantages for our nation’s economy and international trade relations.
A lot of Ghanaian traders and businesses over the years bypassed Ghana’s expensive charges to clear their goods in Togo.
There are hundreds of thousands of Ghanaians who do brisk business at the Togo Border and this policy by Dr. Mahamudu Bawumia is one that would bring massive economic transformation and relief.
As a matter of fact, this policy shift fosters regional integration and enhances the competitiveness of our ports within the West African sub-region.
We believe that by re-assessing these financial measures, the government demonstrates a clear understanding of the dynamic needs of businesses, industries, and citizens alike.
Such a comprehensive review underscores the importance of creating a conducive environment for investment, trade, and development.
As we embark on this journey of evaluation and potential reform, let us keep in mind the overarching goal: to enhance competitiveness, stimulate innovation, and drive sustainable progress across sectors.
We must seize this opportunity to streamline processes, alleviate burdens, and optimize resources for the betterment of all stakeholders.
By harmonizing duties and charges with Togo, Ghana positions itself as a more attractive destination for maritime trade and investment.
Such alignment promotes synergy and collaboration among neighboring countries, laying a solid foundation for future economic cooperation and development initiatives.
Moreover, the alignment of duties and charges contributes to the reduction of trade barriers, thereby facilitating smoother and more cost-effective trade transactions.
Businesses, both local and international, will benefit from streamlined processes and reduced operational costs, ultimately enhancing their competitiveness in the global marketplace.
This policy reform underscores Ghana’s commitment to creating an enabling environment for trade and investment, which is crucial for sustainable economic growth and prosperity.
Furthermore, by aligning with Togo Port’s duties and charges, Ghana reinforces its position as a key player in regional trade corridors and logistics networks.
This strategic alignment enhances our port’s attractiveness as a transshipment hub and strengthens our position as a gateway to the West African market.
It opens up new opportunities for businesses to leverage Ghana’s strategic location and world-class port infrastructure to expand their reach and access new markets across the continent and beyond.
Additionally, the alignment of duties and charges fosters transparency and predictability in trade-related expenses, providing certainty to importers, exporters, and other stakeholders in the supply chain.
Clear and consistent pricing mechanisms promote confidence and trust in Ghana’s trade ecosystem, encouraging greater participation and investment in our economy.
Together, let us engage constructively in this review process, leveraging our collective insights and expertise to shape policies that will propel our nation forward.
Taxes and port duties play a pivotal role in shaping our economic landscape. They impact businesses, workers, and consumers alike.
Therefore, any review or adjustment to these policies requires careful consideration and consultation with all stakeholders.
We commend Dr. Mahamudu Bawumia for recognizing the need for reforms at Ghana’s ports.
Furthermore, we believe a well-designed tax and port duty system can contribute to these objectives by reducing barriers to trade, encouraging entrepreneurship, and attracting foreign investment.
Ghana can draw several lessons from Togo’s free port system and reduced tax regime:
- Attracting Foreign Investment: Ghana can learn how Togo’s free port system attracts foreign investment by offering incentives such as reduced taxes, customs duties, and streamlined administrative procedures.
- By implementing similar measures, Ghana can make itself more attractive to investors looking to establish businesses or expand operations in the region.
- Boosting Trade and Economic Growth: Togo’s experience demonstrates how a free port system can stimulate trade and economic growth by facilitating the movement of goods, reducing transaction costs, and improving logistics efficiency.
- Ghana can aim to replicate these benefits by creating a conducive environment for trade and commerce through targeted policies and infrastructure development.
- Enhancing Competitiveness: By observing Togo’s success, Ghana can explore ways to enhance its competitiveness in the global market. This may involve reducing bureaucratic hurdles, improving infrastructure, and offering competitive incentives to businesses operating within its borders.
- Stimulating Job Creation: Ghana can learn how Togo’s free port system contributes to job creation by attracting businesses, fostering industrial development, and expanding employment opportunities. Implementing similar policies could help Ghana address unemployment challenges and promote inclusive economic growth.
- Balancing Revenue Loss with Economic Benefits: While reducing taxes and offering incentives can stimulate economic activity, Ghana must carefully balance potential revenue loss with the long-term economic benefits of attracting investment and fostering trade. Analyzing the costs and benefits of implementing such policies will be crucial in ensuring sustainable economic development.
On this note, let us guard against regressive measures that disproportionately burden low-income earners and exacerbate inequality.
Also by working together, we can design policies that promote economic growth, protect workers’ rights, and enhance the well-being of all citizens.
We say AYEEKOO, KUDOS to Dr. Mahamudu Bawumia and the entire Akufo-Addo-led NPP government.
We cannot afford to repeat the mistakes of the past by voting back the NDC and their INCOMPETENT John Mahama into the reigns of political power.
We will continue to urge the good people of Ghana to vote for Dr. Bawumia and NPP to break the 8 in order to retain the NPP so that the next NPP administration in the helm of governance will continue to give off its best.
Let The Truth Confound The Wise……
Long Live Nana Addo-Dankwa Akufo-Addo!!
God Bless Our Homeland Ghana!!!
Long Live the Elephant Party!!!!
Kukruduuuu Eeeessshiii!!!!
Signed:
Nana Osei Boateng
NPP Germany Branch
Communications Director
