Benchmark Values Policy: Reversal will lead to collapse of businesses – NDC
The National Democratic Congress, NDC, has warned that the implementation of the reversal of benchmark values on some imported goods will lead to the collapse of businesses in the country.
According to Communications Officer of the Party, Sammy Gyamfi, this is because many businesses are already “reeling under a yoke of excessive taxation, persistent increases in fuel prices and high cost of living never before witnessed in the annals of this country” and implementing such a policy will only worsen the plight of Ghanaians.
Government in its 2022 budget statement announced the reversal of the policy which was introduced in 2019. The Ghana Revenue Authority subsequently begun implementing the reversal on Tuesday, January 4, 2022 but suspended it less than 24 hours after, to allow some importers who got their duty bill before the reversal, to clear their goods.
Addressing the media on Wednesday, Sammy Gyamfi indicated that the reversal, if allowed to take effect will eventually escalate prices of goods and services and “exacerbate the severe hardships Ghanaians are already reeling under.”
“This will ultimately increase the already high cost of doing business in the country, negatively affect turnover of businesses and the volume of trade in the country and lead to the collapse of many businesses and jobs. The bitter reality is that given the many draconian taxes that have been introduced by the callous Akufo-Addo-Bawumia NPP government since April 2019, and the continuous depreciation of the Ghana cedi which is already eroding profit margins and the capital of businesses, importers and Ghanaians in general will be worse off as a result of this decision,” he added.