The Ghana Union of Traders Association (GUTA) has commended the government for successfully implementing the reduction of the benchmark values of imported goods into the country which had seen a positive impact on businesses in the country.
The government on April 4, 2019, announced a 50% reduction in the benchmark value of imported goods and a 30% reduction on the calculated value of vehicles at the country's ports.
In a press release signed and issued by the Association's General Secretary, Alpha Shaban, GUTA is of the view that prices of imported goods had reduced by 10% to 15% for consumers since the implementation of the policy.
The statement said, "this reduction could have been more, but for other factors like balancing the price of the new goods as against the old stock."
Three months on, the statement said, GUTA and Ghana Revenue Authority (GRA) had successfully worked on most of the modalities involving different lines of commodities, remaining a few.
This few categories of goods, they admit, had not seen the reduction at all, as the modalities involved in their values are yet to be completed.
GUTA, however, tells its members that "we are by this statement, urging all importers to share the benefits gained from the reduction with the consuming public."