- Ghana's Food and Beverage Association raises prices by 25 percent this Christmas. Members facilitate the removal of discounts at ports for their own reasons
- The organization's secretary general, in an interview with Joy News, said the rise in prices was starting to apply to all stores and stores.
- The Minister of Finance in the 2022 budget removed the 50 per cent grant to importers from the Tema Port import tax exemption.
Prices for goods and services could increase by 25% this holiday season, said Samuel Aggrey, Executive Director of the Food and Beverages Association.
This is due to the removal of 50% Benchmark Values from other items by the government in the 2022 Budget.
Speaking to Joy Business, Mr. Aggrey said the situation was too difficult for foreign buyers and traders to control as they could not bear the full cost.
“What [the government] did; once your import is in and you sell, you already have an impact. But what you mean is that you have to go back and re-brand your products and allow the percentage difference to come in so you don't lose anything. "But this will have a real impact on consumers," Mr. Aggrey said.
Enjoy reading our stories? Join YEN.com.gh's Telegram channel for more!
He said however that foreign buyers and traders would devise strategies in such a way that the removal of the 50% Benchmark Values would not have a significant impact on the buyer.
"As exporters and traders, we have to work out our second strategy in terms of what we will do to ensure that this [50% Benchmark Value removal] effect has no real impact on the consumer," he revealed.
Government in the 2022 Budget has announced the removal of 50% of Benchmark Values from other ports.
This follows complaints from the Association of Ghana that the policy is destroying certain local industries.