GUTA appeals to government to maintain 50% benchmark value policy

• Government will present the 2022 budget on November 17, 2021

• GUTA wants government to maintain the 50% benchmark value policy

• Dr Joseph Obeng is GUTA president

The Ghana Union of Traders Association (GUTA) has reiterated its appeal on government to maintain the 50% reduction on the benchmark value policy at the ports.

The benchmark values are references that the customs use in determining standards on imports meant for clearance at the country’s ports.

According to the trade union, government must as a matter of urgency maintain the policy as it presents the 2022 budget and economic policy statement in some two weeks to come.

A statement signed and issued by President of GUTA, Dr. Joseph Obeng read, “The policy has helped enormously in saving businesses. It has also prevented smuggling as well as ensured compliance and this enabled the government to exceed its revenue targets over the years.”

“Currently businesses are in serious distress and finding it difficult to operate, hence any attempt to reverse the policy will spell doom for businesses in the country, especially the trading community,” it added.

GUTA however pointed it has no objection to government increasing taxes placed on non-essential goods such as alcoholic drinks, cigarettes and other related products which may be harmful to human health.

In 2019, government in a bid to curb the incidents of smuggling and boost revenue generation at the country’s ports slashed the benchmark values for all imports by 50 percent with the exception of vehicle duties which was later reduced by 30 percent.