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Bad economic news: Ghanaians about to experience more hikes in prices of goods. This is why.

This particular deprivation that is about to hit Ghanaians hard in the face is a straightforward one, and it will simply do one thing; increase the prices of goods and make more Ghanaians poorer

You would recall that, the Akufo Addo administration, through Dr. Bawumia in an attempt to do propaganda with economics did one unnecessary reduction in import duty levy. That is, a benchmark reduction of import duty on some selected but everyday products to about 50% and 30% for cars.

For this purpose, it is presumed that, the current already high prices of rice, sugar and other important consumables have been heavily subsidised. 

Well, due to the way the economy is taking a nose dive, and all mitigating factors have apparently failed, the government is hastily going back to remove this benchmark taxes. We are basically going back to square one. 

Just like how every pesewas that was spent on us for free during the peak of the Covid-19 pandemic, and was taking back through taxes, the removed tax is being restored. 

In a letter 11th November 2021, it is expected that, on15th November 2021 the removal of benchmark on some selected items will take effect. 

What this means is that, literally, prices of goods will shoot after Monday beyond this current circumstances. 

We must therefore brace ourselves to what is coming. Hardship. More hardship.

Content created and supplied by: Rasgambo1 (via Opera News )

Akufo Addo Bawumia Ghanaians


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