Prices of imported goods are expected to go up as Ghana Revenue Authority fully reverses benchmark value previously reduced to promote imports in the country.
The Vice President, Alhaji Mahamudu Bawumia when speaking on the reduction in April 2019 said, “No port in West Africa is charging the equivalent Ghana Maritime Security fee of nearly $20,000. Import handling charges are higher in Tema than any port in West Africa.”
The reversal started taking effect on Tuesday January 4, 2022, but would be fully in force on January 1, 2023.
The President of the Ghana Union of Traders Association (GUTA), Dr Joseph Obeng warned of the increment of prices of goods effective in January 2023 to salvage increased import and VAT prices on their half.
“What is going to happen is that duty is going to go up, about 40% cumulatively, and this is what we have to contend with. Cost of doing business is going to go high. VAT is also added and it’s all part of the duty calculation,” he said .
He concluded that GUTA expects that prices of goods and services are going to go up.
“We’re expecting prices of goods and services to go up, no doubt about it, these are the factors that we use to benchmark our pricing and so whiles the duties are going to go up, whiles VAT is going to go up, you should expect that we’re going to add up to our costing, it’s as simple as that.”
