Dealers in industrial, electrical and telecom products have appealed to government to put stringent measures in place to stabilise the cedi and also reduce the 17.5 per cent VAT on imports.
Speaking to Class Business, Chief Executive Officer of Kissidoff Company Limited, Daniel Kissi Adofo, said the depreciation of the cedi and the high VAT rate were impacting their businesses negatively.
He lamented that the perennial inability of the cedi to hold ground against other major currencies plus high taxes do not create room for affordable pricing.
“…The government which is in charge can take care of the depreciation of the currency as well as the VAT component. First, we were paying three per cent, now it’s 17.5 per cent, so when we work it out in addition to whatever we are selling, it makes it exorbitant. That we cannot afford,” he stated.
“All the professionals in the electrical [field] must compulsorily have the [products] we are selling and we have to make it affordable to them. … We want government to take a second look at it and send it to its previous charge of three per cent instead of the 17.5 per cent [people are not paying] and we the ones paying cannot compete with them.”
Source: Ghana/ClassFMonline
