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The Ghana Union of Traders Association (GUTA) has expressed their disappointment with the government’s directive to reverse the 50 percent benchmark value on imports effective Tuesday, January 4.

The association has warned of an increase in prices of goods if the directive takes effect tomorrow.

The Ghana Revenue Authority (GRA) announced the directive in a statement today (January 3), noting the reversal of the reduction of values of imports on 43 selected items.

The goods include rice, sugar, biscuits, pharmaceutical products, finished Aluminum products, toiletries, fruits juices, chocolate products, tomato paste, ceramic tiles, machinery equipment, home delivery value of vehicles, among others.

Government in 2019 introduced the benchmark policy in accordance with the World Customs Organization’s policy of regular review of valuation database.

Under the policy, certain commodities were benchmarked to the prevailing world prices as a risk management tool to reflect the true market dynamics of these commodities.

It also considered factors such as protection of health, the environment, and security as well as protection of local industries.

National Welfare Director for GUTA, Benjamin Yeboah, in an interview with Techiman based Radio Link on ‘Link Agoo AM Show’ noted that the directive would badly affect the livelihood of Ghanaians and urged the government to take a second look at its decision.

“The prices of goods are going to double, because the benchmark value was the last straw that businesses were holding onto, particularly, in times of COVID,” he said.

 

By: Felicity Ampomah/LinkNews/Techiman


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