Prices of goods & services will increase if the reversal of benchmark value is implemented-GUTA

The Ghana Union of Traders (GUTA) has appealed to the government to hold on with the implementation of the reversal of the benchmark value policy.

The implementation of the removal on the reduction of the benchmark value is expected to begin today.

However, GUTA is asking the government to hold on with the implementation.

A statement issued by GUTA said the devastating effects of the covid-19 pandemic are still prevalent and even in its fourth wave which is worsening the situation.

GUTA is also suggesting that the implementation should not be carried out on grounds that the world commodity prices are still high and going up, with freight charges being extremely high.

It said “That the conditions that resulted to the introduction of the benchmark value policy are still prevalent and even worse.

That the prices of essential commodities such as food, pharmaceuticals and others will be extremely unbearable for the consuming public which will also affect turnover and volume of trade in the country, thereby collapse businesses.

That in the fight against the pandemic, prices of food items, pharmaceutical products etc. need to be affordable to the consuming public.”

The statement further indicated that local manufacturers cannot meet demand of most of the listed items, therefore, we are not self-sufficient as a country, to surcharge the consuming public.

“That the lack of competitiveness of our local industries is based on other factors rather than the benchmark value policy of which they (industries) are also beneficiaries.

That the exchange rate is also going up at this time.

That the competitiveness of the Ghanaian trader within the sub regional bloc- cross-border trade should also be conceded as very necessary and important.

That the government through the Economic Management Team had promised to engage stakeholders on the issue before any decision is taken but have not met yet.

That in the press conference of the Honourable Finance Minister, he acknowledged the fact that the reversal of the benchmark value would have an adverse effect on importers and that the government would find a mitigating factor to cushion the effect but this has not yet been done.

In view of the all aforesaid, it is our hope and belief that the government will listen to our plea and hold on with the policy for proper stakeholder engagement to take place,” the statement signed by Dr. Joseph Obeng
President of GUTA said.


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