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The Association of Ghanaian Traders (GUTA) has called on the government to stabilize or improve the performance of the local currency, otherwise the reduction of tariffs to importance would become pointless.
Vice President Mahamudu Bawumia, at a public meeting of the economic management team held on April 3, 2019, badured that the government lowered customs duties by 50%, as of Thursday, April 4, 2019. According to the VEEP outspoken, government is reducing import tariffs, but they also reduce the value of vehicle imports by 30%.
"To reduce the incidence of smuggling and increase revenue, the import reference values for deliveries will be reduced by 50%. However, for vehicles, the reduction will be 30%, "said Dr. Bawumia at the city council meeting held earlier in the day.
This government decision follows pressure from groups such as the Ghana Union of Traders (GUTA), who called on the government to review the high taxes and duties on imported products.
Reacting to the announcement made today by the Vice President, GUTA and the National Spare Parts Distributors have qualified the new welcoming welcome and that it would greatly contribute to the development of their activities.
Meanwhile, Benjamin Yeboah, GUTA's social worker, in an interview with Joy FM, called on the government to improve the Cedi's performance against other major commercial currencies. He is of the opinion that if this is not done, the decision to reduce the import duties will not be relevant.
"As in 2017, when the customs component of spare parts was reduced, exchange rates eroded all gains. So now that we have this reduction in the reference value, it is important that the strength of the cedi is really appreciated or stabilized. It is very important or all the gains we hope to achieve will be eroded, "he said.
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