• Home
  • Radio
  • TV
  • Advertisement
  • Disclaimer
  • Public Notice
    • Opinion
  • New Africa Business News
  • Contact
  • Log In
facebook
    • News
    • Business
    • Video
    • Entertainment
    • Sport
    • Jobs
    • Government
    • Immigrants
    • Investment
    • Gallery
      • Animal
      • Africa Map
    • NGO
    BREAKING NEWS
    Eastern and Southern Africa Regional Business Councils on the AfCFTA Approved… rhetoric to action in carrying out the Trade Deal
    Zimbabwe’s President Emmerson Mnangagwa’s Government is hovered to Establish a Currency Board Subsidizing all Units of Domestic Currency in Circulation
    New Innovation Emerging in Africa- Report
    Ghana to Invest into Yam Production
    Africa Cloud Ecosystem Project: Phase one Launched
    Reserve Bank of Zimbabwe has Initiated Gold Coins to be Sold to the Public in a bid to Repress Uncontrolled Inflation
    Dangote Industries Completes Issuance of $452 Million Bond
    Over $1 billion Approved by the African Development Bank to Fast Track Food Production Plan
    Travel and Tourism Industry in Nigeria to Grow Exponentially Over the Next Decade, Report
    Foundation Improves Agricultural Productivity in West African Sub-Region

    Ghanaians Not Feeling the Benefit of Import Duty Cut– GUTA

    Posted On 20 Jul 2019
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    BY YESMAN ANTOH-

    Tema Habour
    Photo Credit: Ghanaweb

    NEW AFRICA BUSINESS NEWS, Accra, Ghana- THE GHANA Union of Traders’ Association (GUTA) has revealed that there has been a major increase in imports in Ghana three months after the government reduced import duties.

    The government in April slashed the benchmark value for imports by 50%, while the benchmark value for vehicles was also reduced by 30%.

    Some importers including spare parts dealers hailed the announcement, however, the Association of Ghana Industries (AGI) cried foul over the cut and predicted that it would collapse local businesses.

    Announcing the cut at a town hall meeting held by the Economic Management Team, Vice President Dr. Mahamudu Bawumia said the move was to ensure that higher volumes of products being imported to the sub-region were channeled through Ghana instead of its neighbors.

    According to him, available data showed that traffic at the Lome harbor increased by some 300% per cent between 2013 and 2018 while Ghana saw just a little over 4% increment within the same period.

    In a statement dated July 16, GUTA said, the cut had encouraged businesses to import, especially, those items that were hitherto difficult to bring into the country due to the high import duty, which make their prices uncompetitive.

    “The gain 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.

    “This reduction could have even been more, but for other factors like balancing the price of the new goods as against the old stock,” the statement said, adding: “Most of the gains have also manifested in stability of prices on the market, even in the midst of currency depreciation.”

    Background

    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.

    Three months on, we have successfully worked with the Ghana Revenue Authority Customs Division on most of the modalities involving different lines of commodities and still working on the remaining few.

    After this, businesses are being encouraged to import, especially, those items that were hitherto difficult to bring into the country due to the high import duty, which make their prices uncompetitive.

    The gain 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.

    This reduction could have even been more, but for other factors like balancing the price of the new goods as against the old stock.

    Most of the gains have also manifested in stability of prices on the market, even in the midst of currency depreciation.

    It is a fact that some category of goods have not seen reduction at all, due to the fact that the modalities involved in their values are yet to be completed.

    It is also our expectation that prices will further come down, especially, if exchange rate remains stable. Bearing in mind that competition is the best determinant of prices on the market.

    “We are by this statement, urging all importers to share the benefits gained from the reduction with the consuming public.”

    BY YESMAN ANTOH, NEW AFRICA BUSINESS NEWS, BUSINESS & POLITICS, GLOBAL CORRESPONDENT

    Facebook: newafricabusinessnews.com

    Email: Info@newafricabusinessnews.com

    AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com

    ADVERTISING OPPORTUNITY
    NEW AFRICA BUSINESS NEWS IS GOING TO START ADVERTISING FOR COMPANIES, GOVERNMENTS, NGO’s AND FOUNDATIONS IN A FEW MONTHS TIME. YOU CAN ADVERTISE AS LOW AS $11,000.00 PER MONTH PRICE LOCKED FOR UP TO 60 MONTHS. TAKE ADVANTAGE OF THIS GLOBAL, UNLIMITED, OPPORTUNITY WITH AFRICA’S FASTEST GROWING GLOBAL NEWSPAPER. FOR INFORMATION CONTACT US …………..   INFO@NEWAFRICABUSINESSNEWS.COM
    About the Author
    New Africa Business News Staff Correspondent
    • google-share
    Previous Story

    2019 Africa Nations Cup Final, Algeria Beats Senegal and Crown as Africa’s Soccer Champion

    Next Story

    Zoomlion Group Showcases Smart Integrated Waste Management Technologies at IFAT Expo in South Africa

    Leave a Reply Cancel reply

    *
    *

    Members Area

    • Members Log In

    RECENT

    POPULAR

    COMMENTS

    Eastern and Southern Africa Regional Business Councils on the AfCFTA Approved… rhetoric to action in carrying out the Trade Deal

    Posted On 16 Aug 2022

    Zimbabwe’s President Emmerson Mnangagwa’s Government is hovered to Establish a Currency Board Subsidizing all Units of Domestic Currency in Circulation

    Posted On 14 Aug 2022

    New Innovation Emerging in Africa- Report

    Posted On 12 Aug 2022

    New Africa Business News, Person of the Year 2021-2022, Goes to African Women

    Posted On 29 Jan 2022

    New Africa Business News Award Medalist of Excellence as Africa's President of the Year 2020-2021 meets the Heads of his Ancestors on March 17th, 2021 Samia Suluhu Hassan divulged

    Posted On 20 Mar 2021

    New Africa Business News, Person of the Year 2020-2021, Goes to Dr. Arikana Chihombori Quao

    Posted On 01 Jan 2021

    Thanks for reading, Africa’s fastest...

    Posted On 27 Apr 2022

    Thanks for reading, Africa’s fastest...

    Posted On 27 Apr 2022

    Thanks for reading, Africa’s fastest...

    Posted On 27 Apr 2022

    Facebook

    Latest Posts

    Eastern and Southern Africa Regional Business Councils on the AfCFTA Approved… rhetoric to action in carrying out the Trade Deal

    Zimbabwe’s President Emmerson Mnangagwa’s Government is hovered to Establish a Currency Board Subsidizing all Units of Domestic Currency in Circulation

    New Innovation Emerging in Africa- Report

    Recent Posts

    • Eastern and Southern Africa Regional Business Councils on the AfCFTA Approved… rhetoric to action in carrying out the Trade Deal
    • Zimbabwe’s President Emmerson Mnangagwa’s Government is hovered to Establish a Currency Board Subsidizing all Units of Domestic Currency in Circulation
    • New Innovation Emerging in Africa- Report
    • Ghana to Invest into Yam Production
    • Africa Cloud Ecosystem Project: Phase one Launched

    Categories

    • Business
    • Education
    • Entertainment
    • Featured
    • Government
    • Immigrants
    • Investment
    • News
    • NGO
    • Obituary
    • Opinion
    • Public Notice
    • Sport
    • Video

    Tag Cloud

    african economy business africa

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.