The Ghana Union of Traders Association (GUTA) has commended the government for successfully implementing the reduction of the benchmark values of imported goods into the country which had seen a positive impact on businesses in the country.
The government on April 4, 2019, announced a 50% reduction in the benchmark value of imported goods and a 30% reduction on the calculated value of vehicles at the country’s ports.
Dr Joseph Obeng, the National President of the Ghana Union of Traders Associations (GUTA), speaking on Rite Morning Ride said GUTA is of the view that prices of imported goods had reduced by 10% to 15% for consumers since the implementation of the policy.
According to Dr Obeng, the benchmark reduction has created enabling environment for traders across and the president must be hailed for such an intervention to relief traders of the cost of doing business in the country.
“If your goods have been uplifted before, if something that you were supposed to pay $20,000 but after applying the benchmark you are going to pay $80,000, that is when you will see how significant this is,” he said
Three months on, after the reduction, Dr Obeng said GUTA and Ghana Revenue Authority (GRA) had successfully worked on most of the modalities involving different lines of commodities, remaining a few.
This few categories of goods, he admitted, had not seen the reduction at all, as the modalities involved in their values are yet to be completed.
The president of the association, however, tells its members that “we are by this statement, urging all importers to share the benefits gained from the reduction with the consuming public.”
The president of the Ghana Union of Traders Association (GUTA) expressed strong apprehension over the lack of commitment and will of the Ministry of Trade and Industry and the Ghana Investment Promotion Centre (GIPC) to enforce the country’s investment laws which bars foreigners from directly engaging in the retail trade; and in respect of this has issued 30th June deadline for foreigners to cease their activities in the retail market therefore appealed to the government to intervene.
By: Austin Ofori Addo/ritefmonline.org/austinofori.addo@gmail.com
