Ghana: GUTA willing to support reversal of 50% benchmark value reduction on crude palm oil

Published 2021년 9월 7일

Tridge summary

The Ghana Union of Traders Association (GUTA) is willing to back calls to reverse the 50% benchmark value reduction policy, but only if oil palm producing associations do not extend their demands to all imported edible oil. The policy, introduced in 2019 to combat smuggling and boost revenue, has been criticized by local producers who claim it has hurt their businesses. GUTA, however, argues that the policy is detrimental to the trading community and could lead to a review of the policy. The Association of Ghana Industries, Rice Millers, and palm oil producers have previously called for the policy to be scrapped, arguing that it only benefits a select few importers.

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Original content

• GUTA has said it is willing to back calls for a reversal of 50% benchmark value reduction policy • GUTA is however hoping that oil palm producing associations do not extend their demands to all imported edible oil • The oil palm producers, rice millers association have been calling for the policy to be scrapped President of the Ghana Union of Traders Association, Dr Joseph Obeng, has said it is willing to rally support behind calls made by the oil palm producing associations to scrap the 50% benchmark value reduction policy. According to GUTA, the support to scrap the policy will be prudent if the Oil Palm Development Association of Ghana and the Artisanal Palm Oil Millers and Outgrowers Association of Ghana do not extend their demands to all edible oil that is imported. In an interaction with Citi Business News, Joseph Obeng said though Ghana at the moment cannot produce enough refined vegetable oil, it is only right for multinational oil refineries in the ...

Source: Ghanaweb