A former minister of finance, Seth Terkper, has cautioned the Akufo-Addo-led government over policies that are popular but hurtful to the economy.
In his opinion, such a move could potentially have adverse effects on the economy, and this may affect Ghanaians in the end.
He cited the reduction in the benchmark values for imports as one such policy that could deepen the perennial fall in domestic revenue and lure the government into accumulating more debts in order to meet rising expenditure needs.
Per a report by Graphic.com.gh, Terkper said the introduction of the policy at a time revenues had suffered consistent falls since 2016 “begs the question if there has been any thorough discussions on it.”
With the benchmark valuation being the cedi value upon which import duties are calculated, he said reducing those values by 30 per cent for vehicles and 50% for other imports “can lead to an immediate drop in revenue”.
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