It said the reduction could have even been more, but for other factors like balancing the price of the new goods as against the old stock.

It said many of the gains have also manifested in stability of prices on the market, even in the midst of currency depreciation.

A statement issued and signed by Mr Alpha Shaban, the General Secretary of GUTA in Accra on Tuesday, said it has successfully worked with the Ghana Revenue Authority's Customs  Division on most of the modalities involving different lines of commodities and still working on the remaining few ones.

It said although some category of goods has not seen reduction at all because the modalities involved in their values are yet to be completed.

However, the statement expressed the belief that prices will further come down, especially if the exchange rate remains stable, considering the fact that, competition is the best determinant of prices on the market.

"We are by this statement, urging all importers to share the benefits gained from the reduction with the consuming public," it said.

In April this year, Vice President Dr Mahamudu Bawumia announced a 50 per cent reduction in benchmark value of imported goods and 30 per cent reduction on calculated value of vehicles due to persistent call from the business community for reduction of high import duties, during a town hall meeting organised by the Economic Management Team in Accra.