The Ghana Union of
Traders Association (GUTA) says the 50 per cent reduction in benchmark value of
imported goods and 30 per cent reduction on calculated value of vehicles in
April, this year, have enabled many businesses to transfer some benefits of the
price reduction ranging between 10 per cent and 15 per cent to consumers.
It said the reduction could have even been
more, but for other factors like balancing the price of the new goods as
against the old stock.
It said many of the gains have also
manifested in stability of prices on the market, even in the midst of currency
depreciation.
A statement issued and signed by Mr Alpha
Shaban, the General Secretary of GUTA in Accra on Tuesday, said it has
successfully worked with the Ghana Revenue Authority’s Customs Division on most of the modalities involving
different lines of commodities and still working on the remaining few ones.
It said although some category of goods has
not seen reduction at all because the modalities involved in their values are
yet to be completed.
However, the statement expressed the belief
that prices will further come down, especially if the exchange rate remains
stable, considering the fact that, competition is the best determinant of
prices on the market.
“We are by this statement, urging all
importers to share the benefits gained from the reduction with the consuming
public,” it said.
In April this year, Vice President Dr
Mahamudu Bawumia announced a 50 per cent reduction in benchmark value of
imported goods and 30 per cent reduction on calculated value of vehicles due to
persistent call from the business community for reduction of high import
duties, during a town hall meeting organised by the Economic Management Team in
Accra.
Source: GNA
