• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Trading community warn against reversal of benchmark values on imported goods

4 years ago
in Business, highlights, Home, home-news, latest News, Trade
2 min read
0 0
0
65
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Trading community warn against reversal of benchmark values on imported goods

The trading community of Ghana has warned against an anticipated reversal of the reduction of benchmark values on imported goods, lamenting that such a move would be catastrophic to local businesses.

As widely reported over the past few days, the Ghana Union of Traders Association, and its sister trading associations, have been drumming home their disenchantment on the said “revision of the benchmark values on imports” as read by the finance minister in the nation’s budget for 2022. 

Touching on the subject more extensively on Eye on Port, the President of the Ghana Union of Traders Association, Dr. Joseph Obeng, and his counterpart from the Automobile Dealers Association of Ghana, Eric Kwaku Boateng, expressed fear that the outcome of the revision may be negative.

Dr. Obeng said, “government should not touch the benchmark value because it is the last straw in the wake of difficulties in business. This is even the flagship program of this government. It is too sensitive to touch.”    

Mr. Boateng added that, “we the automobile dealers want government to know that, if they reverse the 30% benchmark values, it would be very problematic.”

The President of GUTA bemoaned that trading as it is in Ghana is very expensive, thus government should not add any additional layer of taxes, such as reversing the benchmark value reduction on imported goods, expressing that it would increase the cost of doing business.

RelatedPosts

Inflation to Remain Within 8+/-2 Target Band by End-Q4, Says BoG Governor

BoG to Begin $1.1bn FX Intermediation Under Domestic Gold Purchase Programme this October

Ghana Aims for Victory Against Central African Republic in Crucial World Cup Qualifier

Read Also: Trading community warn against reversal of benchmark values on imported goods

Dr. Obeng averred that the reduction of the benchmark values on imported goods were borne out of necessity after several years of what he termed as “extortively-high taxes” in importation of goods.

He said the gains from the reduction on the market and government revenue is enough evidence that the policy introduced in 2019 has been a prudent one, and an attempt to reverse it would be a counterproductive move.

Dr. Obeng said, “this same benchmark reduction has been able to mitigate the plight of the consuming public because things are hard these days. Even the Ghana Revenue Authority exceeded its target in 2019 and 2020 even at the peak of the pandemic.” 

The President of the Automobile Dealers Association of Ghana, Eric Kwaku Boateng corroborated this sentiment saying the 30% reduction has brought much relief to traders and the ordinary consumer.

He also revealed that the reduction led to increased tax compliance from members of his outfit.

Mr. Boateng disclosed that, “hitherto, members from our outfit who may want to import through neighboring ports to evade the high taxes at our ports, are now willing to import here to give government the needed revenue due to the 30% reduction.”

The traders called for urgent clarification to be provided on what the said revision of the policy would comprise to disabuse existing agitations.

Tags: ghanaGhana Union of Traders AssociationTaxesTrading community warn against reversal of benchmark values on imported goods
No Result
View All Result

Highlights

Banks Write off GHS 893m in Bad Loans for First Half of 2025 

Former Bank of Ghana Deputy Governor Wins Inaugural Women in Leadership Fellowship at Oxford

Banking Industry: Non-Performing Loans Edge Higher to GHS 20.7bn

‘The Gulf of Guinea is our Wall Street, IMF, and World Bank Combined’, Says Air Vice Marshal Hanson 

GJA President Underscores Vital Role of Journalists in Safeguarding Ghana’s Maritime Domain

Barrick Exits Ivory Coast With $305 Million Tongon Mine Sale

Trending

Banking & Finance

Inflation to Remain Within 8+/-2 Target Band by End-Q4, Says BoG Governor

October 7, 2025

Inflation to Remain Within 8+/-2 Target Band by End-Q4, Says BoG Governor Governor of the Bank of...

BoG to Begin $1.1bn FX Intermediation Under Domestic Gold Purchase Programme this October

October 7, 2025

Ghana Aims for Victory Against Central African Republic in Crucial World Cup Qualifier

October 7, 2025

Banks Write off GHS 893m in Bad Loans for First Half of 2025 

October 7, 2025

Former Bank of Ghana Deputy Governor Wins Inaugural Women in Leadership Fellowship at Oxford

October 7, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.