Bawumia meets GUTA over high import duties, VAT and rising shop rental costs

Story by: Regina Bless

Former Vice President Dr Mahamudu Bawumia has met with executives and representatives of the Ghana Union of Traders’ Associations (GUTA) to discuss challenges affecting traders and explore possible solutions to improve the trading environment in Ghana.

The meeting focused on concerns raised by traders, including high import duties and demurrage charges, the reported increase in VAT for informal sector operators to 20 per cent, limited access to EXIM loans, foreign nationals engaging in Ghana’s retail trade, and the rising cost of shop rentals and goodwill payments.

According to Dr Bawumia, the discussions provided valuable insights into the difficulties confronting traders, with GUTA also presenting proposals aimed at addressing some of the challenges.

The meeting further explored the need for Ghana to move beyond importing goods towards producing more of them locally, as part of efforts to strengthen domestic industries and create economic opportunities.

Dr Bawumia emphasised the importance of introducing incentives to encourage traders and businesses to invest in local production rather than relying heavily on imported goods.

He described the engagement as productive and expressed appreciation to GUTA’s leadership and representatives for sharing their concerns and recommendations.

The meeting comes amid ongoing discussions about the cost of doing business in Ghana, the competitiveness of local traders and the need for policies that support businesses, promote local manufacturing and create sustainable economic growth.