The Ghana National Single Window, designed to enhance the country’s trade and economic development, secure and increase government revenue at the various ports of entry, saves the country about US$200 million annually, the Second Edition of the Ghana Business Development Review, published by the University of Ghana has revealed.
This translates into about US$500 million in savings over the two and half years that the system has been in place, an amount that would have found its way into private pockets and left a huge hole in government’s revenue.
“The Ghana National Single Window, which has been a topic of discussion over the years…there have been adequate development/foundation for the system to fully kick-start in the coming years and is expected to save the country about US$200 million annually”, the report which discusses developments, performance, managerial and governance issues and major constraints of businesses covering the period 2015-2017 noted.
Success of single window
Implementation of the singe window system has increased government’s revenue significantly by 24 per cent over the past two years, rising from GHC744 billion in 2015 to GHC975 billion in 2017, the Ghana Revenue Authority, Customs Division’s Monthly Import Revenue Performance data for the period has revealed.
For the first four months of this year, the total amount of revenue realized from imports stands at GHC3.59billion, a development that portends an increase in total revenue to be collected by Customs at end of the year.
Source: The Ghanaian Times
|Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.|