Ghanaian traders urged to reduce prices of goods after the government reduced import duties

The Ghana Union of Traders’ Associations (GUTA) has entreated its members to reduce the prices of goods on the market following the government’s decision to reduce the benchmark value of imported goods and also the reduction in the calculated value of vehicles at the ports.

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This was contained in a press release issued by GUTA on Tuesday. According to GUTA, the gain from the reduction announced in April 2019, has seen most businesses transfer some benefits of the price reduction, ranging between 10-15% to the consumer.

GUTA explained that traders could have even reduced their goods further but they need to consider other factors such as balancing the price of the new goods as against the old stock.

The association urged all importers to share the benefits gained from the reduction with the consuming public.

“Most of the gains have also manifested in the 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 the exchange rate remains stable. Bearing in mind that competition is the best determinant of prices on the market,” GUTA said.

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