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Business News of Wednesday, 23 February 2022


Discount on imports of general goods reduced to 30%, 10% for vehicles

Rice imports Rice imports

Benchmark value on general goods was 50% before reduction

President Akufo-Addo ordered the suspension of the reversal of benchmark value

Traders excited about benchmark policy reduction

Importers now have a 30% discount on general goods and a 19% discount on imported vehicles into the country.

The benchmark values on imports have been reduced from 50% to 30% on general goods and 30% to 10% on vehicles.

The reduction comes after a consensus between Finance Minister Ken Ofori-Atta and the Ghana Union of Traders Association (GUTA), Association of Ghana Industries (AGI), Institute of Freight Forwarders the Ghana Revenue Authority.

The Ghana Revenue Authority in January announced the reversal of benchmark values on imports.

But the trading community vehemently hit against it, saying it would increase general prices of goods and services in the country.

However, President Nana Addo Dankwa Akufo-Addo ordered the GRA to halt the suspension and allow for stakeholder engagements to be done.

The Ghana Revenue Authority (GRA) suspended the implementation of the reversal of discounts on benchmark values until further notice.

In a statement issued on Thursday, January 13, 2022, the authority said the decision was to enable further engagements with all the relevant stakeholders.

According to Joy Business reports, after the consultative meetings, it emerged that government might implement the new adjustments in March 2022 as preparations are underway for a final announcement.

“Traders are very happy that the government listened to our concerns. In the end, the business community – both GUTA and the AGI – has been compensated and the consuming public not surcharged,” the Finance Minister said.

The government introduced the benchmark value reduction policy in 2019, in accordance with the World Customs Organisation policy of regular review of valuation database.