Major Economic Developments in Ghana: VAT Reforms, Pension Increases, and Corporate Transactions

Finance Ministry meets stakeholders over Tema Port delays and rising costs

The Ministry of Finance has convened a high-level meeting with maritime and logistics stakeholders to address worsening congestion and rising operational costs at the Tema Port. This intervention follows urgent calls from the Importers and Exporters Association of Ghana (IEAG) regarding significant disruptions at the Meridian Port Services (MPS) Terminal 3. These bottlenecks have reportedly left over 120 trucks stranded and significantly increased demurrage and rent charges for businesses operating within the sector. Chaired by the Deputy Minister of Finance, the discussions focused on proposed changes to customs clearance procedures designed to streamline cargo processing. Key participants included representatives from the Ghana Revenue Authority (GRA) and the Ghana Ports and Harbours Authority (GPHA). The IEAG, led by Executive Secretary Samson Asaki Awingobit, highlighted that operational glitches in shipping invoices, payment processing, and container releases at MPS Terminal 3 have severely impacted the predictability of cargo movement, driving up costs for importers and exporters. To alleviate the immediate pressure on the terminal, the government has expressed a commitment to implementing procedures that would allow importers to clear goods at alternative locations when congestion reaches critical levels. A notable development from the engagement is a new directive aimed at limiting customs examinations to specific items, a move intended to accelerate the flow of goods through the port. While some critical agencies were reportedly absent from the initial talks, the Ministry emphasized that ongoing collaboration is essential to ensuring the efficiency of Ghana’s maritime trade. The outcome of these engagements is expected to provide relief to the business community by fostering a more transparent and efficient port environment. By addressing the root causes of delays and stabilizing cargo clearance costs, the Ministry aims to enhance the competitiveness of the Tema Port as a regional logistics hub. Stakeholders remain hopeful that these measures will translate into reduced turnaround times for vessels and trucks, ultimately lowering the cost of doing business in the country.