The reduction of the reference value has positive effects on consumers – GUTA

Accra, July 16, GNA – The Ghana Union of
Traders Association (GUTA) states that the 50% reduction in the reference value of
imported goods and a reduction of 30% in the calculated value of the vehicles in
April of this year have allowed many companies to transfer some of the benefits of the
price reduction ranging from 10 to 15 percent to consumers.

He said that the reduction could have even been
more, but for other factors, such as the balance between the price of new
against the old stock.

He said that many gains have also
manifest in price stability in the market even in the middle of the currency
depreciation.

A statement issued and signed by Mr. Alpha
Shaban, the secretary general of the GUTA in Accra on Tuesday, said that he had
successfully worked with the customs authorities of the Ghana Revenue Authority Division on most modalities involving
different product lines and still working on the few remaining.

He said that certain categories of property
not seen the reduction at all because the modalities involved in their values ​​are
not finished yet.

However, the statement expressed the belief
prices will fall further, especially if the exchange rate remains
stable, given the fact that competition is the best factor
price on the market.

"We are by this statement, urging all
importers to share the benefits of the reduction with consumers
public, "he said.

In April of this year, Dr Vice President
Mahamudu Bawumia announced a 50% reduction in the reference value of
imported goods and a 30% reduction on the calculated value of the vehicles due to
persistent call from the business world for the reduction of high imports
functions, during a meeting organized by the Economic Management Team at
Accra.

GNA