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Graphic Online
BY: Maxwell Akalaare Adombila
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Domestic manufacturers are seeking solutions to the fallouts of the benchmark policy that they said was pushing them out of business after making imports cheaper.
The Association of Ghana Industries (AGI) told the Economic Management Team (EMT) at a meeting between them and the Ghana Union of Traders Association (GUTA) last week that the reduction in the benchmark values by up to 50 per cent in April 2019 had cheapened imports and dampened demand for local substitutes, resulting in a slowdown in growth in the manufacturing companies.
In a plea that had since been rejected forcefully by the umbrella body of the trading community, the advocacy body for manufacturers said the policy on benchmark value reduction must be reviewed downwards to safeguard manufacturing jobs and protect the fortunes of the sector from deteriorating further.