Prices of goods and services could skyrocket by 25% during this festive season, the Executive Director of the Food and Beverages Association, Samuel Aggrey has revealed.

This is due to the removal of the 50% Benchmark Values on some items by government in the 2022 Budget.

Speaking to Joy Business, Mr. Aggrey said the situation is very difficult for both importers and traders to contain as they cannot bear all the cost.

“What they [government] have done; if your import is in already and you're selling, you already have the impact. But then what it means is that you have to go back and re-cost your products and then accommodate the percentage differentials that will come in so that you don't make any losses.”

“But this will have a real impact on the consumers”, Mr. Aggrey added.

He however said the importers and traders will strategise in such a way that the removal of the 50% Benchmark Values does not have significant impact on the consumer.

“We the importers and traders, we have to activate our second strategy as to what we are going to do to ensure that this thing [removal of 50% Benchmark Value] doesn't have real effect on the consumer.”

Government in the 2022 Budget announced the removal of the 50% Benchmark Values on some items at the ports.

This follows complaints by the Association of Ghana that the policy was collapsing some local industries.