Ghana reduces import duties by 50%

Ghana’s government says it will reduce import duties by 50% for general goods and 30% for import duties on cars.

Addressing Ghanaians today on the state of the country’s economy, Vice President Mahamudu Bawumia says the reductions will take effect tomorrow.

He said the move, which is expected to take effect tomorrow, is to make Ghana’s port more competitive in West Africa.

The reduction of import duties is seen as a huge relief to importers who have consistently complained about its high cost in the country.

Observers fear that this may reduce demand for products made in Ghana and Ghanaian manufacturing.

The ruling New Patriotic Party had promised Ghanaians it will establish a factory in each district nationwide to boost domestic production and reduce over dependence on foreign products.