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How does trade liberalization lead to an increase in import tax revenue in Ghana

How does trade liberalization lead to an increase in import tax revenue in Ghana

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Answer #1

Trade liberalisation is when government of a country reduces certain trade restrictions to exchange goods and services with other nations.

When Ghana opted for the policy of trade liberalisation, it cut down the level and the range of tariffs but did not totally eliminate it.

Trade liberalisation led to high elasticity of demand of the imported goods by the people of Ghana because of more choices of goods available even with the presence of some level of tariff.

This led to the increase in the import tax revenue of the government by adopting the policy of trade liberalisation.

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