Food prices could rise 25% on Christmas

Traders will have to adjust the prices of goods and services after the reversal of the benchmark policy

32 imported items will no longer benefit from special discounts

Government says it will increase revenue generated by imports

The prices of goods and services could skyrocket as the holiday season approaches.

This comes after the removal of the 50% benchmark on imported products in the 2022 budget.

According to importers, the increase in transport costs, the depreciation of the cedi and the impact of COVID-19 on the local economy require the maintenance of the benchmark policy.

Food and Beverages Association Executive Secretary Samuel Aggrey made the revelation in an interview on JoyNews.

“We the importers and traders will then have to activate our second strategy to make sure this thing has no real effect on the consumer, because what they have done if your import is already in place and you sell, you wouldn’t have an impact, but it does mean you will have to go back and recalculate the cost of your products to account for the percentages that will go into your next import so you don’t make a lot of losses. real impact on the consuming public.

“It must take effect immediately, so products and services will have to increase by 25%,” he added.

The Ghana Importers and Exporters Association earlier threatened that its members would increase the price of goods they import into the country if the government rolls back the 50% benchmark policy on some 32 product categories.

Meanwhile, the Ghana Revenue Authority reveals that the removal of the benchmark policy that reduced the cost of imports in general is underway to increase revenue.

Even though there has been unrest with this development among unions in Ghana, the finance minister announced that the move is aimed at protecting local manufacturers.

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