Benchmark Values: GUTA afraid of competition – AGI President


President of the Association of Ghana Industries (AGI), Dr. Humphrey Kwesi Ayim Darke, has urged Government to remain resolute in its decision on the reversal of benchmark values.

According to Dr. Humphrey, “this path is one of the surest ways of creating sustainable jobs and ensuring economic growth, in the medium to long term” as it will create a competitive market for industries and importers.

Some Trade Unions in the country including the Ghana Union of Traders Association (GUTA) oppose the latest move by the government.

The AGI boss disputes the claim that the prices of goods will shoot up when the decision is fully pulled back saying the local producers are ready to produce the 48 items in large quantity which will result in competition and they (AGI) believe GUTA is afraid of. 

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“We are suggesting that when you import, the prices might be higher but because there is a Ghanaian price, you must match the Ghanaian price or you are will be outcompeted in the market. We call it demand and supply; clearly, this is competition and this is what GUTA is afraid of. We have the capacity to produce rice, we have the capacity to produce maize,” he explained.  

Speaking at the Investiture and Dinning for the AGI President and National Council Members, Dr. Humphrey said, “For a manufacturing sub-sector, that has seen an average growth rate of about 4.6% in the last eight years, this benchmark discount policy may only worsen the state of the sector.”

“It is only industrialization that can employ all the youth that have benefited from Free SHS. Statistics show that over 400,000 of them have completed school. Trading employs, but how many persons, compared to industries?” – he asked.

Meanwhile, Minister of State in Charge of Finance, Charles Adu Boahen promised the Association of Ghana Industry that “stakeholders engagement is ongoing” and that the best solution to the problem as soon as possible ”

Ebenezer Madugu/ [email protected]

e-levy will go back to parliament be passed this month – Minister of State in charge of Finance

The Minister of State in charge of Finance, Charles Adu Boahen, has hinted that, the controversial electronic transaction levy (E-Levy) will be going back parliament this month.

‘…. this month, we will go back to the floor of Parliament with the E-Levy and ensures that it gets passed by the end of the month.” – he hinted at the Investiture and Dinning for the AGI President and National Council Members.

According to the Minister, who has over 19 years’ experience in Finance, “the insurgencies of our current situation demands that we prioritize on Tax.”

“Enhanced revenue mobilization is the so critical because of the high dept level so we have to put our shoulders together in the same wheel as we look to increase our revenue collection efforts”. – he added.

The second session of the 8th Parliament is expected to commence from Tuesday, January 25, 2022.

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