NPP Will Abolish Import Duties on Equipment to Support Technology Acquisition

Dr Mahamudu Bawumia, the 2012 NPP Vice-Presidential Candidate, has disclosed, to the Ghanaian Diaspora, plans of the next NPP administration under Nana Akufo-Addo to support the desired massive technology acquisition through, among others, the abolition of import duties on equipment into the country.

Dr. Bawumia was speaking in New York to the Ghanaian community in the state as part of his working visit to the United States and Canada.

In addressing the many gathered, the Nana Akufo-Addo's Running Mate stated, "The import duty regime prevailing in Ghana is one that has been designed to maximise revenue and not to support local industry. The short term revenue gains from such taxes are attained at the expense of long term production and jobs, increased cost of doing business and increased cost of living.

"It would make more economic sense to encourage the import of equipment which would allow the production of goods and services and the employment of Ghanaians. Government can then tax the profits of firms at that juncture rather than discouraging the setting up of the business as a result of high customs duties. Our aim is a customs regime targeted at encouraging local and foreign firms to set up in Ghana to produce for exports. We want Ghana to be the manufacturing hub of West Africa."