Removal Of 50 percent Of Benchmark Value is Suicidal - GUTA warns government
The President of the Ghana Union of Traders Associations, Dr Joseph Obeng says 50% of the benchmark value would have repercussions on the cost of living, consumers and the economy as a whole.
Joana Somiah 
Ghana Union of Traders Associations (GUTA) has kicked against government 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.
The President of GUTA, Dr Joseph Obeng told journalists in Accra that the removal of 50% of benchmark value will be suicidal since it would have repercussions on the cost of living, consumers and the economy as a whole.
The Association 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.
The Association pointed out that this was even far before the outbreak of the Covid-19 pandemics, 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 stressed that "One could imagine the upheaval that it will spark in the country."
"We, therefore want to be categorical that the trading community is not prepared to accept any additional burden or layer of cost of doing business, especially, as there has already been the 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 lifeline policy left for businesses, especially at this trying time, and need to be maintained," the statement noted.
Freeman Koryekpor Awlesu Greater Accra Regional Correspondent
