By Kodjo
Adams, GNA
Accra, June 19, GNA – Dr James K. Obeng, the
President of the Ghana Union of Traders Association (GUTA), said the
introduction of the Common External Tariffs (CET) was affecting their business
operations and they were likely to go out of business.
Dr Obeng said import and export duties
had doubled due to the CET, making importation difficult.
The President of the Union stated that even
though their outfit was battling with 19 levies, their major concern was
the CET, in that the importation business helps the economy to grow and leads
into more productive areas.
He said this in Accra at an engagement with a
team from the Ministry of Finance led by Mr Kenneth Ofori-Atta, the Sector
Minister on their challenges and the way forward.
The Minister was accompanied by his two
Deputies, Mr Kwaku Kwarteng and Abena Osei Asare, and Mr Patrick Nomo, the
Chief Director at the Ministry.
Dr Obeng said the levies and taxes on duties
amounted to about 52 per cent, which sometimes exceeded their
capital, the major reason products were very expensive.
The Union mentioned delays in clearing their
goods at the Ports, high interest rate, cedi depreciation, bureaucracy and duplication
of roles as the main reasons affecting importers in the country.
He urged government to put in mechanism to
stabilise the cedi from further depreciation as against the dollar.
According to him, the recent depreciation of
the cedi against the dollar had affected their profits, since imports were made
before the depreciation was recorded.
He blamed the situation on multinational
companies, which were allowed to repatriate millions of dollars out of the
country annually.
Dr Obeng urged the Finance Minister to reduce
the duties on imported cables and other essential commodities in the mid-year
budget review scheduled for next month.
Mr Ofori-Atta assured that the Finance
Ministry would consider the proposals made for the reduction in the import
duties by looking at some tax items that could be adjusted.
He said government had put in measures to
stabilise the cedi depreciation, assuring the Union that they would consider
the concerns raised and find amicable solutions to them.
GNA