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20 July 2016

My government will remove import duty on raw materials – Nana Addo

nana addoThe flagbearer of the opposition New Patriotic Party (NPP) Nana Addo Dankwa Akufo-Addo has promised to remove import duty on industrial raw materials when elected to lead the country in the upcoming general elections.

The move, the flagbearer of NPP believes will stimulate industrial production in the country.

Nana Addo added that the best way to make Ghanaian businesses competitive is to do away with import duty.

Nana Addo said this in Kumasi whiles addressing the business community in Ashanti region as part of his ‘arise for change campaign tour’ in the region over the weekend.

‘One of the first things we want to do to stimulate industrial production in Ghana is to remove import duties on industrial raw materials, we are going to do, because we have to put Ghanaian enterprises exactly where we are talking about to make them competitive, these are the things government does, …so manufacturing equipment will be zero rated. So Ghanaian enterprises can successfully compete with Chinese, Korean, Malaysians, Taiwanese, because that is what we should be looking at etc that is why am calling you all to come on board,’ he said.

He also bemoaned government expenditure of 6% of Ghana’s GDP on servicing loans secured from foreign partners whiles capital investment in the country for the past 5years remains 4% of the country’s GDP.

Nana Addo expressed fear that the country will go bankrupt if the trend continues.

‘Today the one dysfunctional fact about our economy that is not sufficiently known that we have to know is we are spending 6% of our GDP servicing our loans. And at the same time, the capital investment that we are committed to the last five years is 4% of our GDP, the country will be bankrupt,’ he explained.

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