The Ghana Union of Traders Association (GUTA) has warned of dire economic consequences ahead of the reversal of benchmark value on imports.
According to GUTA, food prices will increase sharply from the reversal of the benchmark value.
In an interview on Accra based Joy FM, the President of GUTA, Dr Joseph Obeng said the benchmark value was the last straw holding businesses together in the country.
“Prices are going to double. The benchmark value was the only last straw businesses were holding,” he said.
The First Vice President of GUTA, Clement Boateng, also noted that he believes the policy has not been thought through, considering the country’s current economic state.
He warned that they would have no choice but to pass the cost of goods onto consumers, urging consumers to brace themselves.
“Since the directive will take effect from tomorrow consumers should brace themselves for the increase in prices,” he said.
He added that; “the reversal of the benchmark value is not right, and we think it is will have a negative impact on businesses. We all know that this reversal has come about as a result of the lobbying of Association of Ghana Industries (AGI), but we think AGI does not have the capacity to produce the things that the benchmark value has taken off.”