Business

Maintain 50% benchmark value policy in 2022 budget – GUTA appeals to gov’t

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Dr Joseph Obeng – GUTA President

The Ghana Union of Traders’ Association (GUTA) has appealed to the government again through the Ministry of Finance and Economic Planning not to reverse the policy on the 50% reduction on the benchmark value in the 2022 budget statement.

The policy was introduced few years ago to save businesses, especially, trading from total collapse due to high import duties and high fees and charges at the port.

GUTA in a statement said the policy has helped enormously in saving businesses, adding that it has also helped reduced smuggling, as well as ensuring compliance “and this enabled the government to exceed its revenue targets over the years”.

GUTA said currently, businesses are in serious distress and finding it difficult to operate, so any attempt to reverse the policy will spell doom to businesses in the country, especially trading, and will cause serious disaffection.

“In fact, the adverse effects of the coronavirus pandemic, which has caused world commodity process to go up astronomically whiles freight charges have also gone up to cover over 650%, has exacerbated the situation,” the statement added.

GUTA, however, noted that it has no objection if the government decides to increase tax on non-essential goods such as alcoholic drinks, cigarettes and other related products that may be harmful to human health.   

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