The innovative National Import and Export Equalization Scheme (NIEES) is a scheme designed to induce the large urban business population to export to generate its own foreign currencies to import goods and services without paying port duties and taxes. This is expected to continuously reduce the use of foreign currencies generated by Ghana’s traditional export sector for private sector imports. Government and public institutions will as a result eventually have exclusive access to and use of foreign currency from Ghana’s traditional export sector. The main objective of NIEES is to trigger a massive and accelerated non-traditional export-led expansion of the Ghanaian economy to generate sustainable mass employment opportunities and enduring prosperity in Ghana.
The successful implementation of NIEES will;
- Sustainably stop the persistent depreciation of the Ghanaian cedi against major international currencies.
- Enhance the competitiveness of Ghanaian non-traditional exporters in the global market.
- Increase Government revenues in correlation with increasing NIEES imports.
- Facilitate the sustainable reduction of cost of living in Ghana.
- Facilitate the successful and sustainable implementation of government’s export-led ‘one-district one-factory’ policy.
- Trigger intense and persistent competition among Ghanaian importers to induce them to diversify to the non-traditional export sector to generate foreign currency to ensure the survival of their businesses.
- Minimize speculation on the depreciation of the cedi against other major currencies, which usually becomes a limiting factor to substantial foreign investments into the Ghanaian economy. This will further allay the fears of investors.
- Motivate companies to export to generate foreign currency to enable them enjoy priority access to procurement and other government and public institutional contracts.
- Minimize significantly and gradually alleviate Ghana’s over reliance on foreign grants and loans for its development.
- Greatly attract foreign investors looking for relatively high and sustainable returns on investments into the Ghanaian non-traditional export sector.
- Provide government with fiscal space to sustainably increase investments in physical, social, and economic infrastructure.
- Provide the fiscal space to enable government invests in the development of a Science and Technology culture to support the development of a more diversified export base for Ghana.
- Provide the opportunity for Ghanaian businesses to put their destinies into their own hands.
- Facilitate the drastic reduction in the smuggling of Gold in Ghana.