Benin: Romuald Wadagni provides details on the 50% drop in freight value

Faced with the high cost of living in Benin, the government did not remain insensitive to the population’s cry of distress. In the Council of Ministers dated Wednesday, March 23, 2022, the Beninese State has taken bold measures to regulate consumer prices. In one “Public Debate” organized on the national television channel this Sunday 03 April 2022, the Minister of State for the Economy and Finance, Romuald Wadagni clarified the measures taken by the government to control the rise in product prices on the market. Among these measures is the 50% reduction in the value of freight.

“When you import a product and you arrive at customs, the rate to be applied applies to the purchase cost of the product plus insurance and freight” declared the Minister of State in charge of Economy and Finance. The freight having increased, to avoid that this “weighs on the cost price”,

the government has decided “to reduce the value of the freight by 50%”. “Which makes it at least 10% less on the cost of customs clearance ». And so if it continues, it is part of the measures that are in the hands of the government to continue to support moresaid Romuald Wadagni.

The government is making all these efforts and yet consumers do not feel the 50% drop in the value of freight because traders do not apply this measure in the selling price of their products imported into Benin. For Minister Romuald Wadagni, there is the fact that there is no direct transaction” and “the fact that we halve the cost of freight makes it possible to reduce the rate of customs duties by 10%”. He also acknowledged that beginners take advantage of this situation. He therefore called on the price control structures to fully play their role.

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