The President of the Ghana Union of Traders’ Association, Dr. Joseph Obeng has hinted that it has come to the notice of the Association of government’s intention to remove the 50% reduction of the benchmark value which was introduced a few years ago to alleviate the plight of the trading community, as well as save businesses in the country from imminent collapse.
According to him, the move will not only affect repercussions on the cost of living but also on consumers and the economy as a whole.
In a release sighted by Thinknewsonline.com, Dr. Obeng said “Introduction of the reduction of the benchmark value by 50% has, in actual fact, brought relief to the trading community, sanity into the system and eased tension and agitations.”
He added that the removal was even far before the outbreak of the covid 19 pandemic, which also came with its own challenges comprising of hikes in the world commodities prices, high freight charges among others.
“At this time of numerous global economic challenges brought about by the pandemic, seriously affecting businesses all over the world, any attempt to remove this good policy of the government that brought relief will be suicidal for the state because it will not only collapse businesses but also cause an unbearable rise in prices of goods and services beyond the reach of consumers, especially, low-income earners and the unemployed”
Dr. Obeng however stressed that one can easily imagine the upheaval that the removal will spark in the country.
“We, therefore want to be categorical here, that the trading community is NOT prepared to accept any additional burden or layer of cost of doing business, especially, as there has already been the introduction of new taxes and increments in the value-added tax, which have been accommodated by these same suffering businesses in the country” he noted.
The GUTA President hinted that the reduction of the benchmark value is the only lifeline policy left for businesses, especially at such a trying time, and needs to be maintained.
Story by: Joshua Kwabena Smith
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