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Benchmark value: Prices of goods to increase – GUTA cautions

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GUTA President Dr. Joseph Obeng

GUTA cautions that prices of items will increase as a benchmark value.

According to the Ghana Union of Traders Association (GUTA), the government’s instruction

to reverse the 50% benchmark value on imports starting on Tuesday,

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January 4 is a disappointment to them.

If the regulation goes into force tomorrow, the group has warned that prices would rise.

 

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A drop in the Benchmark Value: Increased prices of items

 

According to a statement released by the Ghana Revenue Authority (GRA) this morning (January 3),

the order reverses a previous decrease in import values for 43 specific commodities.

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You’ll find anything from grains to biscuits to pharmaceuticals to aluminum finishes to shampoos to

tomato sauce to ceramic tiles to machines to home delivery value automobiles among the items available.

 

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This year, the government implemented a benchmark policy, in line with the WCO‘s goal of reviewing

the valuation database on an annual basis.

A risk management technique, selected commodities were benchmarked to current global prices under

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the program. This reflected the genuine market dynamics of certain commodities.

 

Other considerations included safeguarding local businesses while also protecting public health,

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the environment, and other safety-related concerns.

 

GUTA reacted to Benchmark Value

 

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In an interview with Accra-based Joynews, GUTA President Dr. Joseph Obeng said

that the order will have a negative impact on the lives of Ghanaians and encouraged

the government to reconsider its decision.

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As a result of COVID, firms were clinging to the benchmark value as the last

thing they had to hang onto, he added.

 

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According to GUTA’s First Vice President, Clement Boateng, the strategy has not

been well thought through in light of Ghana’s present economic situation.

 

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His message to customers was one of impending price increases, and he exhorted them to prepare for the worst.

Because of the directive’s impending implementation, he said, customers can expect price hikes.

 

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“The reversal of the benchmark value is not acceptable, and we believe that it will have a

detrimental effect on enterprises,” he said.

That this turn around has been brought about by the Association of Ghana Industries (AGI) lobbying,

but we believe that they lack the ability to manufacture what has taken off,” we say.

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After all, “we believe that GUTA has an unfinished business with the government, therefore we will

continue to engage the administration and see what can be done,” said the head of the organization.

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Final Words

Importers and Exporters Association Executive Secretary, Samson Asaki Awingobit,

also said that the government’s decision was not made at the correct moment given

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the country’s present economic difficulties.

 

“I’m certain that this isn’t the proper moment. How many individuals were hired and

paid well between 2019 and 2021, given that the government is the major employer?,”

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he inquired.

 

Importers play an important part in the country’s growth, and the government should involve

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them in order to find the best solution.

 

If our importers decide to stop importing products in the second quarter, we’ll find

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out where the country goes.” The nation would face a serious food crisis

since it imports most of the goods it needs, he warned.

 

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Entertainment

NAJA Rehearses With Sawnd Factory Band Ahead Of Her Performance at Accra Digital Center (Video)

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Ghanaian sensational singer, NAJA will be performing in the presence of France Ambassador HE. Anne Sophie AVÉ, Minister of Trade and Industry – Hon. Alan J.K Kyerematen, Min. of Communication and Digitalization – Hon. Ursula Owusu and the Paramount Chief of Winneba together with other dignitaries on Monday 7th March at the Accra Digital Center for the Official launch of SOMAME Mobile App.

The “Odo Pa” hit maker will be mesmerizing fans with the Ghana National Anthem as opening and blending with Ghanaian contemporary songs like Osibisa’s ‘Sunshine Day’

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Watch Video: https://www.instagram.com/p/Car5-6Qs3oi/?utm_medium=copy_link

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