Finance Ministry to roll out ‘First Port Rule’ on March 1

Deputy Finance Minister, Kwaku Kwarteng

The Ministry of Finance is rolling out the ‘First Port Rule’ where landlocked countries get to set up offices at Ghanaian ports to monitor transit custom goods meant to pass through Ghana’s jurisdiction to their countries.

Deputy Finance Minister, Kweku Kwarteng, observed the practice of diverting imports into Ghana’s domestic markets hurts the transit trade regime and competition as goods meant for other countries but which are diverted and sold in the country get sold cheaply undercutting competing local goods as domestic duties are evaded.

Government seeks to roll out the ‘First Port Rule’ on March 1 in collaboration with neighbouring landlocked countries to check irregularities, enhance monitoring and ensure free flow of goods at the  ports and road corridors.

Ineffective tracking mechanisms have been identified as a weakness allowing for diversions, a situation the GRA, Ghana Shippers Authority and the Ghana Ports and Harbours Authority are keen to remedy.

By Michael Eli Dokosi/goldstreetbusiness.com