• Short Summary

    On Tuesday (25 August 70) Ghana's Finance Minister, Joseph Mensah, presented the country's first Budget since its return to civilian rule last October.

  • Description

    On Tuesday (25 August 70) Ghana's Finance Minister, Joseph Mensah, presented the country's first Budget since its return to civilian rule last October.

    The Budget was notable for the introduction of varying surcharges on imports, together with a liberalisation of the import trade. Mr. Mensah, in presenting the 1970-1971 Budget to a packed Assembly, said businessmen would now be able to import a wide variety of goods and raw materials without a government licence, but these would be subject to varying temporary surcharges. He told the National Assembly it was hoped the import liberalisation would lead to increased competition and a fall in prices.

    A 75 percent surcharge on imported textiles was announced, and duty will be levied on locally manufactured clothing, confectionery, radios, record players, and television sets.

    In his three-hour Budget speech Mr. Mensah stressed that the government would assist manufacturers of exports with loans and expert advice. It was, he said, determined to promote rapid economic expansion, and the Budget had been drawn up to allow for a sizeable increase in the level of government development expenditure.

  • Tags

  • Data

    Film ID:
    VLVAAGO76Y6G9XGD8YLNGV9L4TXJP
    Media URN:
    VLVAAGO76Y6G9XGD8YLNGV9L4TXJP
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    28/08/1970
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:00:59:00
    Time in/Out:
    /
    Canister:
    N/A

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