The Ghana Union of Traders Association (GUTA) is blaming the high cost of goods in the country on the re-introduction of the benchmark values.
According to its President, Dr. Joseph Obeng, the 50% reduction of the benchmark values of imports is illegal.
He is therefore calling for the reversal of the policy because it does not conform to the World Trade Protocols.
Speaking at a Pre-Budget Forum powered by Joy Business, Dr. Obeng pointed out that the bench mark value was responsible for the rising cost of goods in the country.
“Benchmark system doesn’t exist anywhere; it does not exist in the WTO valuation system, is ilegal”, he stressed.
“What they [Customs] have to use is the transactional values but are now using their own discretions to bring out a set of values to benchmark our prices. Everyone is blaming us the trading community for high price of goods and services, but that is not true”, he stated.
The Benchmark Value Discount Policy was introduced in April 2019 by government in an attempt to make the Ghanaian ports competitive, reduce smuggling and increase government's revenue from the port.
The policy provided a discount of 50% on the delivery or benchmark values of imports with the exceptions of vehicles
Latest Stories
-
Stop forcing workers to strike before honoring agreements – Justice Yankson urges gov’t
25 minutes -
We may resume strike if gov’t doesn’t honour its part of the bargain – GRNMA
52 minutes -
‘I will leave it to Otto Addo to assess how I fared in the Unity Cup’ – Bonsu Baah
2 hours -
Livestream: Newsfile discusses nurses strike, NSA probe, radio stations shutdown
2 hours -
Infantino: FIFA Club World Cup marks ‘new era’ for football
4 hours -
How Trump’s Africa strategy may become a double-edged sword
4 hours -
Why the expanded FIFA Club World Cup is worth trying
5 hours -
Mahama promises to end power fluctuations in North East Region
5 hours -
Battle of the Beasts: American Tabiti destroys Jacob Dickson to win WBO Africa Cruiserweight title
5 hours -
Speaker defers ruling on Afenyo-Markin’s government mass dismissals request
5 hours -
Battle of the Beasts: Ahmed Abdul floors Haruna Mohammed to win national cruiserweight title
5 hours -
Manasseh Awuni’s heartfelt message to Mahama on the Zoomlion contract action
5 hours -
Battle of the Beasts: Theo Allotey batters Daniel Gorsh to win WBO African Bantamweight title
5 hours -
Why always fuel: The growing burden of energy levies in Ghana
6 hours -
Asantehene urges chiefs to offer lands as equity for farming
6 hours