Ghana to Lose Gh¢92.47 Million

Ghana is to lose GH¢92.47million as a result of the temporal measures taken by government on the removal of tariffs to cushion the economy. This was made known by the Minister of State at the Ministry of Finance and Economic Planning (MOFEP), Anthony Akoto Osei at a press briefing in Accra.

The government, as part of measures to mitigate the rising cost of crude oil and food on the global market announced the immediate implementation of the removal of import duties on rice, wheat, yellow corn and vegetable oil. Government also announced the removal of excise duty and debt recovery levy on premix oil, a reduction in the excise duty and debt recovery levy on gas oil, kerosene and marine gas oil.

Increase in government support for the production cost of electricity to bring relief to domestic consumers and the subsidization of the cost of fertilizers to farmers to ensure good harvest.

Importation and stock pilling of additional supplies of rice and wheat to enhance food security and increased supply of tractors at subsidised rates to farmers were also announced, in order to bring reprieve to farmers and consumers in general.

Among the measures taken by the government, food imports would lose a total of GH¢43.07 to the state, which include; rice (GH¢33.72), wheat (GH¢5.38), yellow corn (GH¢0.04) and vegetable oil (GH¢3.39).

On petroleum products, the country would lose a total of GH¢49.4, that also includes; excise duty (GH¢23.9) and debt recovery levy (GH¢25.5).

Subsidies for the supply of fertilizer is also expected to cost about GH¢11million, according to the Minister.

According to Hon. Akoto Osei, subsidies for tractors that were included in the relief measures may not be quantified immediately.