Benchmark Value Policy: GUTA Warns Of 25% Increase In Price Of Goods If Policy Is Reversed
The Ghana Union of Traders Association (GUTA) is predicting a 25% increase in the price of general goods, should there be any attempt by government to review or reverse the 50% and 30% Benchmark Values policy of some 32 selected items.
It follows a letter from the Ghana Revenue Authority to the Finance Minister, calling for an outright reversal of the policy.
Speaking at a press conference, President of GUTA, Dr. Joseph Obeng warned that any attempt to introduce this policy in the 2022 Budget will disrupt Ghana’s distribution sector.
“We should be very surprise if the government succumbs to this treacherous and diabolic request of the AGI who are trying to lobby against this most acceptable flagship policy of the government to destroy the distribution sector of the economy,” Dr. Joseph Obeng said.
GUTA is thereby calling on government not to introduce any such policy in the 2022 Budget Statement.
Members of GUTA have also been charged not to pay any additional amount on duty for clearance.
“We will appeal to the government to, as a matter of urgency call for the immediate withdrawal of the statement issued by the GRA on the review of the 50% and 30% reduction of the Benchmark Value policy and not to even consider bringing it into the forthcoming budget statement, to forestall the mounting agitations in the trading sector,” Dr. Joseph Obeng further stated.
Meanwhile, the Food and Beverage Association is also warning of some disruption in the value chain of beverage products, ahead of the Christmas season should the policy be reversed in the 2022 Budget.
“We are expecting the hike of products by about 25%. The food and beverage industry will also be heavily hit by this development,” he stressed.