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Company News on Tuesday, July 16, 2019
Source: kasapafmonline.com
2019-07-16
Joseph Obeng, president of GUTA
According to the Union of Traders' Associations of Ghana (GUTA), government-imposed import tax reductions have done much to relieve importers and consumers in general.
According to GUTA, the gains from the reduction so far have allowed most companies to transfer some of the benefits of the price reduction, ranging from 10% to 15% to the consumer.
In a statement to the press, GUTA said on Tuesday: "This reduction could have been even more important, but for other factors, such as the balance between the price of new goods and that of the old stock."
It can be recalled that due to the persistent call of the business community for the reduction of high import duties, the government announced in April 2019 a 50% reduction in the reference value of imported products and 30% of the calculated value of the vehicles.
The main opposition, the NDC, announced that import taxes reduced by the Akufo-Addo-led government would forever hang the ruling NPP.
Bolga Central MP Isaac Adongo said the Akufo-Addo government's decision to reduce the cost of import duties would make the administration lose control.
But GUTA seems to project a different outlook three months after the new import regime in its statement claiming that prices are stable in the market, even in full currency depreciation.
He further urged importers to share the benefits of the discount to the consumer.
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