{"id":658043,"date":"2019-07-17T06:01:57","date_gmt":"2019-07-17T06:01:57","guid":{"rendered":"
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GUTA has been"},"modified":"2019-07-17T06:01:57","modified_gmt":"2019-07-17T06:01:57","slug":"benchmark-value-reduction-is-having-positive-effects-on-consumers-guta","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/07\/17\/benchmark-value-reduction-is-having-positive-effects-on-consumers-guta\/","title":{"rendered":"Benchmark value reduction is having positive effects on consumers – GUTA"},"content":{"rendered":"

<\/p>\n

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GUTA has been told to seek redress in court<\/figcaption><\/figure>\n<\/div>\n

The Ghana Union of
\nTraders Association (GUTA) says the 50 per cent reduction in benchmark value of
\nimported goods and 30 per cent reduction on calculated value of vehicles in
\nApril, this year, have enabled many businesses to transfer some benefits of the
\nprice reduction ranging between 10 per cent and 15 per cent to consumers.<\/p>\n

It said the reduction could have even been
\nmore, but for other factors like balancing the price of the new goods as
\nagainst the old stock.<\/p>\n

It said many of the gains have also
\nmanifested in stability of prices on the market, even in the midst of currency
\ndepreciation.<\/p>\n

A statement issued and signed by Mr Alpha
\nShaban, the General Secretary of GUTA in Accra on Tuesday, said it has
\nsuccessfully worked with the Ghana Revenue Authority\u2019s Customs\u00a0 Division on most of the modalities involving
\ndifferent lines of commodities and still working on the remaining few ones.<\/p>\n

It said although some category of goods has
\nnot seen reduction at all because the modalities involved in their values are
\nyet to be completed.<\/p>\n

However, the statement expressed the belief
\nthat prices will further come down, especially if the exchange rate remains
\nstable, considering the fact that, competition is the best determinant of
\nprices on the market.<\/p>\n

\u201cWe are by this statement, urging all
\nimporters to share the benefits gained from the reduction with the consuming
\npublic,\u201d it said.<\/p>\n

In April this year, Vice President Dr
\nMahamudu Bawumia announced a 50 per cent reduction in benchmark value of
\nimported goods and 30 per cent reduction on calculated value of vehicles due to
\npersistent call from the business community for reduction of high import
\nduties, during a town hall meeting organised by the Economic Management Team in
\nAccra.<\/p>\n

Source: GNA<\/p>\n<\/div>\n