The Ghana Union of Traders’ Association (GUTA) has asked its members to ignore the Ghana Revenue Authority’s directive concerning the reversal of the 50% benchmark value on selected commodities.
A letter forwarded to the Finance Minister, Ken Ofori-Atta, signed by Rev. Ammishaddai Owusu-Amoah commissioner-general of the Ghana Revenue Authority (GRA), indicated that “it has been agreed that discount on some commodities currently being enjoyed should be reversed to achieve revenue effect. To this end, 15 November 2021, is, therefore, slated for the effective date for the implementation of the removal of the benchmark values on some selected items,” the statement noted.
However, addressing the media on Monday (15 November), the president of GUTA, Dr Joseph Obeng said his outfit was not consulted as promised by the government hence, they will not accept any proposal to remove the policy
“It has come to our notice that the Ghana Revenue Authority has issued a statement informing the public that the 50% benchmark values policy has been reversed effectively today, Monday 15 November 2021.
“We hereby tell members of the trading community that we’re not in the know of who authorised the directive. We’ve been told by the Economic Management Team that there’ll be a thorough stakeholder consultation before any decision is taken on that policy. We the trading community do not accept and will not accept this directive and therefore ask members to ignore this statement,” he stated.
Dr Obeng also accused the Association of Ghana Industries (AGI) of masterminding the move. He said the AGI does not appreciate factors to be considered in market competition.
“It is very unfortunate that the AGI does not know, understand and appreciate the real factors militating against their inability to compete with their counterparts elsewhere on the globe. If they really know this, then they’ve failed to tell the government the truth, that the high cost of their products is not the importers who purchase their goods abroad or elsewhere, pay freight, cost and insurance, duties and other overhead costs to come and shore up the difference in demand of the consuming public in Ghana. “
He added, “We strongly believe that they know very well that the high cost of utility, the high-interest rate on borrowing, high taxes coupled with their own inefficiencies, sometimes, are the bane of their stagnation.”
The Association of Ghana Industries (AGI) and the Ghana Union of Traders Association (GUTA) have disagreed on the implementation of the 50% benchmark value on imports introduced by the government in 2019.
Whereas the AGI is vehemently opposed to the policy, which cardinal objective is to reduce the cost of doing business at the ports and increase compliance in terms of payment of duties and taxes, GUTA insists the policy is a good one and should stay.
Nicholas Brown
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