The Chamber of Commerce of Burkina Faso signed today a memorandum of understanding for the implementation of the single transit guarantee system to promote the free movement of merchandise with Ghana.
The agreement, signed within the framework of the Economic Community of West African States (CEDEAO ), adopted the establishment of a community guarantee mechanism to facilitate the movement of goods in the sub-region.
Under the current protocol, member states could not transport goods by road to another member state exempt from tariffs, taxes and restrictions while the cargo was in transit.
With the new agreement, the implementation of the Single Transit Guarantee Scheme in the Ghana-Burkina Faso corridor begins.
Official sources stated that it would also facilitate the documentation process and reduce paperwork, as well as the charge of a single tax at the beginning of the trip to cover all movement of goods in the corridor.
Once implemented the Single Transit Guarantee System, it will improve efficiency in customs operations and this will bring relief to merchants and carriers because it reduces the cost of trade and the delivery time of the goods.
The Deputy Director General of the Chamber of Commerce of Burkina Faso, Emmanuel Yoda, commented that the measure was important to show the CEDEAO that national guarantors could establish the mechanism.
Therefore, it requested the customs administration, the compensation agents, the importers and exporters of both countries to guarantee the successful implementation of the system, to extend it to other neighboring nations.
Meanwhile, the deputy commissioner in charge of operations in the Customs Division of the Tax Administration of Ghana, Seth Dwirah, praised the measure and indicated that the trade had been a serious challenge for the customs.