The Vice-President, Dr. Mahamudu Bawumia, last year, announced a drastic reduction in the benchmark values by 50% at a town hall meeting in Accra.
The move, he said, was to reduce the incidence of smuggling and enhance revenue at the country’s ports. But a document leaked to the press indicates that, the reduced benchmark values have been reversed.
The Welfare Officer of the Ghana Union of Traders Association (GUTA), Benjamin Yeboah has hinted that the reversal of their 50% reduction in the benchmark values will affect their already suffering businesses.
He made this known in an interview on Happy 98.9 FM’s Happy Morning Show.
Speaking to host, Samuel Eshun he said, “This is not a good time for authorities to reverse the benchmark value reduction that served as a cushion for us especially during this era of COVID-19. It will be a burden to our business that is already not doing well.”
According to him, the union is even fighting for a share in the GH₵600 million stimulus package government has dedicated to businesses and that is even an indication that they are suffering.
He noted that the union has a good relationship with the Ghana Revenue Authority (GRA) and the Ministry of Finance. “We are always consulted on issues like this and this decision comes as a surprise to us” because we were not consulted this time around and we do not know the reason behind this action.
Emphasizing on the immediate review of the decision, the welfare officer revealed that the union will soon meet with the appropriate bodies to overturn this latest development.
