The Ghana Union of Traders’ Associations (GUTA) has pleaded with its members to pass on the benefits that came with government’s decision to reduce the benchmark value of imported goods as well as a reduction in the calculated value of vehicles at the ports.
In a press release issued on Tuesday, GUTA said the gain from the reduction announced in April 2019, has enabled most businesses to transfer some benefits of the price reduction, ranging between 10-15% to the consumer.
According to GUTA, the reduction transferred to the consumer could have even been more, but for other factors like 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,” the association said.
“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.
