Price levels are stable in Volta region

Ho(Volta Region) 18 Jan '99

Price levels of goods and services in the Volta Region have remained stable in the wake of the re-introduction of the Value Added Tax (VAT). Officials of the Volta Region VAT office at Ho said this after a market survey to assess the impact of VAT on prices. Mr Michael Ajago, an official of VAT said manufactured goods such as sugar have registered price reductions from 54,000 cedis per bag to 52,000 cedis, a carton of key soap which sold at 42,000 cedis before VAT, now sells at 41,000 cedis. A carton of milk now sells at 46,000 cedis instead of 47,000 cedis before the introduction of VAT, while a bag of cement now priced at 12,700 cedis instead of 13,000 cedis before VAT. Mr Ajago said food prices are generally stable with maize which is a major staple in the region selling at 500 cedis a kilo from 600 cedis before VAT. Meat (beef) continues to maintain its pro-VAT price of 4,000 cedis per kilogram. Mr Ajago said food dealers explained that their prices are seasonal and do not depend on any tax elements. Mr Emmanuel Akpaku advised shop-owners to contact their suppliers to assist them to file for refund of their sales tax on their old stock of goods. Those who default in lodging their first VAT payments to the VAT office by February 26, this year, will pay a penalty of one million cedis and five thousand cedis for every day that they fail to meet their obligations..