The Ghana Union of Traders Associations (GUTA) is calling for a scrapping of the Benchmark Value system.
GUTA argues that now might be the right time to review the benchmark valuation method arguing that it was contrary to the World Trade Organization’s valuations system.
This follows reports by GUTA that the Ghana Revenue Authority plans to increase the benchmark values at the ports soon.
President of GUTA, Dr Joseph Obeng believes such a move is counterproductive as it will further worsen the economic situation in the country.
‘If you say you are going to increase the benchmark value again then it means you are revisiting the problem and it will not auger well for the peace of the business. Let’s all find a proper solution to this benchmark thing because WTO frowns on that and the transactional value is the way to go.’
GUTA released a statement calling on authorities to ‘stop the GRA from the abuse of their discretion’ in determining duties at the ports.
Below is a link to the statement.