Prices of books to increase by 40% in June – GPA

The Ghana Publishers Association (GPA) has announced that book prices will increase by 40 percent, effective June 1, 2024.

The association attributes the increase to the “difficult business environment” and the 27.5 percent Value Added Tax (VAT) levied on a list of materials imported into the country to “support education, culture, and lifestyles.”

Addressing the press in Accra on Tuesday, Asare Konadu Yamoah, President of the GPA, cited “exchange rate instability” and the “blanket imposition” of the tax as detrimental to their business.

He mentioned that although the VAT was intended to support local book printing, it had not reduced the importation and cost of books in the country.

Mr. Yamoah explained that local publishers still needed to import certain books that could not be printed locally; thus, the tax on both local and foreign publications was unfavorable.

“Most of the books for technical and vocational education, as well as those for tertiary education and to support the development of a reading culture, are mostly imported and cannot be printed locally because they are not published in the country,” he said.

“Therefore, categorizing all of them, including those that are indigenously published but printed overseas, and imposing a blanket VAT at the levels currently being charged, cannot be justified,” he stated.

Consequently, the Association urged the government to reconsider the tax policy on books to alleviate the burden on parents and educational service providers.

Mr. Yamoah noted that local book printing firms required more incentives to remain competitive, rather than the government imposing “huge taxes” on books printed overseas.

“Taxes on printing inputs, which are all imported, have to be removed. Credit for the purchase of printing inputs should be made more favorable. Even though the cost of importation has increased, importers of printed books are likely to continue importing, as the cost of importation will still be cheaper than local printing,” he added.

The publishers stated that the association was willing to engage in dialogue with the relevant government agencies on the matter.

However, until such a conversation is initiated, book prices would need to be increased.

source: GNA