Reversal of benchmark values: It makes no economic sense to make imported goods cheaper than local ones-MP

The Member of Parliament for Akim Swedru Kennedy Nyarko Osei has mounted a strong defence in support of the decision by the government to reverse the reduction of the benchmark values.

Contrary to claims by the Importers and Exporters Association of Ghana and the Ghana Union of Traders that such a decision would create economic hardship and affect trading activities, the legislator has disagreed.

GUTA has warned that prices of goods will significantly increase if government reverses the reduction of values of selected items.

“Prices are going to double. The benchmark value was the only last straw businesses were holding on to,” President of GUTA, Dr Joseph Obeng, argued.

Executive Secretary of the Importers and Exporters Association Samsom Awingobit said the move was terrible.

He stated that businesses were still struggling following the Covid-19 outbreak hence it makes no economic sense for the government t reverse the benchmark values.

But the MP has disagreed with these assertions.

According to him, ”It does not make economic sense to make imported goods or products cheaper than the locally produced ones. We should do everything possible to make our local products very competitive and cheaper than the imported ones”.

He further explained that the decision taken by the government is a policy decision meant to provide competitiveness to the Association of Ghanaian Industries.

”Reversal of the Benchmark Values by Government is a policy issue to provide capacity and competitiveness to AGI and local industries and producers who are currently uncompetitive because of the reduced benchmark values, this will also attract foreign direct investment to put up factories in Ghana to enhance the 1D1F and ACFTA benefits,” he said.

By: Rashid Obodai Provencal/Rainbowradioonline.com/Ghana

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