Finance

Customs amendment bill passed

Parliament of Ghana has passed the Customs Amendment Bill into law to regulate the country’s automobile industry.

The law prohibits the importation of salvaged motor vehicles and specified motor vehicles over ten years of age into the country.

It also seeks to provide incentives for automotive manufacturers and assemblers in the country, as well as increase the import duty on specific motor vehicles and provide import duty exemptions for security agencies.

Automotive giants such as Volkswagen, Toyota, Suzuki, Nissan Motors, Sinotruk, among others, have all expressed their interest and plans to set up assembling plants in Ghana to boost the country’s industry growth.

But the proposal to ban salvaged and imported vehicles aged over ten years has since been met with outrage from car dealers, who consider the move to be too harsh and an attempt to price them out of business to make way for the foreign car makers.

With this law in full force, government is expected to give tax exemptions of more than GH¢800million within 3 years to automobile giants which will be setting up vehicle assembly plants in the country, a report by the Joint Committee on Finance and Trade, Industry and Tourism on the Customs (Amendment) bill, 2020, in Parliament has said.

 

Source: thebftonline.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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