The Ghana Union of Traders Association (GUTA) has lauded the successes of government’s decision to reduce the benchmark value of imported goods into Ghana.
Vice President Dr. Mahmudu Bawumia on April 4, 2019 at the Economic Management Team town hall meeting announced a reduction in benchmark value of import duties at all of the country’s ports by 50% and vehicle import duties by 30%.
In a statement signed and issued by the General Secretary of GUTA Alpha Shaban, the Association disclosed that the prices of imported goods have reduced for the consumer, a development they indicated is positive.
“The gain from the reduction so far has enabled most businesses to transfer some benefits of the price reduction- ranging between 10% to 15% to the consumer”.
“This reduction could have been more, but for other factors like balancing the price of the new goods as against the old stock,” the statement said
The Association also stated that the prices of some goods have however not seen any reduction because the modalities involved in their values are yet to be completed.
GUTA further called on its members to share the benefits gained from the reduction with the consuming public.