Importers, consumers reaping from Akufo-Addo’s import duties cuts – GUTA

The Ghana Union of Traders’ Associations (GUTA) says the import duties cuts by the government has contributed in no small measure to bring relief to Importers and consumers at large.

According to GUTA, the gains from the reduction so far has enabled most businesses to transfer some benefits of the price reduction, ranging between 10% and 15% to the consumer.

In a Press Statement by GUTA on Tuesday said: "This reduction could have even been more, but for other factors like balancing the price of the new goods as against the old stock.”

It could be recalled that as a result of persistent call from the business community for reduction of high import duty, the government in April, 2019 announced a 50% reduction in benchmark value of imported goods and 30% reduction on calculated value of vehicles.

The main opposition NDC on the heels of the development said the import duties cut by the Akufo-Addo-led administration will hang the ruling NPP forever.

Bolga Central MP, Isaac Adongo said the decision by the Akufo-Addo government to slash the cost of import duties will be the undoing of the administration.

But GUTA seems to be projecting a different outlook three months on after the new import regime in its statement saying there is stability of prices on the market, even in the midst of currency depreciation.

It has further urged importers to share the benefits gained from the reduction to the consuming public.