Ghana Union of Trades’ Associations (GUTA) has kicked against government’s intention to remove the 50% reduction of the benchmark value which was introduced a few years ago to alleviate the plight of the trading community, as well as save businesses in the country from imminent collapse.
In a statement signed by the President of GUTA, Dr Joseph Obeng, and copied to the DAILY Analyst yesterday, the Association warned that the removal of 50% of the benchmark value be suicidal since it would have repercussions on cost of living, consumer and the economy as a whole.
The GUTA noted that the introduction of the reduction of the benchmark value by 50% has, in actual fact, brought relief to the trading community, sanity into the system and eased tension and agitations.
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The Association pointed out that this was even far before the outbreak of the Covid-19 pandemic, which also came with its own challenges including hikes in the world commodities prices, high freight charges etc.
“At this time of numerous global economic challenges brought about by the pandemic, seriously affecting businesses all over the world, and any attempt to remove this good policy of the government that brought relief will be suicidal for the state because it will not only collapse business, but also cause an unbearable rise in prices of goods and services beyond the reach of consumers, especially, low income earners and the unemployed,” it said.
It stressed that “One could imagine the upheaval that it will spark in the country.”
“We, therefore want to be categorical here, that the trading community is NOT prepared to accept any additional burden or layer of cost of doing business, especially as there have already been introduction of new taxes and increments in the value added tax, which have been accommodated by these same suffering businesses in the country.
“It is important to state that the reduction of the benchmark value is the only life line policy left for businesses, especially at this trying time, and need to be maintained,” the statement noted.
Ghana | Atinkaonline.com
