{"id":605206,"date":"2019-04-05T05:14:13","date_gmt":"2019-04-05T05:14:13","guid":{"rendered":"<br><div>\n<p class=\"floatLeft\">Business News of Friday,  5 April 2019<\/p>\n<p class=\"floatRight\"><strong>Source: <\/strong>kasapafmonline.com<\/p>\n2019-04-05\n\n<div class=\"article-left\">\n<p class=\"article-image\"><img src=\"https:\/\/cdn.ghana-mma.com\/2019\/04\/345"},"modified":"2019-04-05T05:14:13","modified_gmt":"2019-04-05T05:14:13","slug":"dont-be-overexcited-90-of-imports-not-part-of-benchmark-value-agi","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/04\/05\/dont-be-overexcited-90-of-imports-not-part-of-benchmark-value-agi\/","title":{"rendered":"Don\u2019t be overexcited; 90% of imports not part of benchmark value \u2013 AGI"},"content":{"rendered":"<p><\/p>\n<div>\n<p class=\"floatLeft\">Business News of Friday,  5 April 2019<\/p>\n<p class=\"floatRight\"><strong>Source: <\/strong>kasapafmonline.com<\/p>\n<p>2019-04-05<\/p>\n<div class=\"article-left\">\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.ghanamma.com\/2019\/04\/34588982.295.jpg\" alt=\"Seth Twum Akwaboah.jpeg\" title=\"Seth Twum Akwaboah.jpeg\" width=\"295\" height=\"162\" \/><span class=\"image_caption\"><span>Chief Executive Officer of the AGI, Seth Twum Akwaboah<\/span><\/span><\/p>\n<\/div>\n<p style=\"clear:right\">The Association of Ghana Industries says there appears to be misinterpretation of the 50 and 30 percent reduction in benchmark value of import as announced by the Vice President Dr Mahamadu Bawumia.<\/p>\n<p>The AGI\u2019s comment comes on the heels of the town hall meeting addressed by the Chairman of the Economic Management Team, H.E. Dr Mahamudu Bawuma.<\/p>\n<p>There was great excitement among many Ghanaians when the Vice President announced the 50 percent and 30 percent reduction in benchmark values on imports.<\/p>\n<p>\u201cTo reduce the incidence of smuggling and enhance revenue, the benchmark or delivery values of imports have been reduced by 50 percent except for vehicles which will be reduced by 30 percent effective 4th April 2019,\u201d Dr Bawumia said.<\/p>\n<p>He added further \u201cThis means, for example, if a container was previously assessed for duty at a value of $20,000, it will now be assessed from tomorrow at a value of $10,000. We expect that the higher volumes of at least 50 percent annually and increase custom revenue.\u201d<\/p>\n<p>But Chief Executive Officer of the Association, Seth Twum Akwaboah, told Kasapa 102.5 FM the reduction in the benchmark value is not equal to a reduction in duties as perceived by the public.<\/p>\n<p>\u201d I didn\u2019t hear the VEEP making a blanket statement that they\u2019ve reduced import duties. People are going round saying government has reduced import duties by 50% in the sense that if you\u2019re an importer and you go to the port today and the items you\u2019re bringing is worth hundred Thousand Ghana cedis and your duty rate is for example 10%, it means your duty will be Ten thousand so if you\u2019re clearing your goods today, it will be reduced by 50% and so you\u2019ll be paying just Five thousand Ghana cedis instead of Ten thousand. It\u2019s not true! That\u2019s not what the Vice President said.<\/p>\n<p>\u201cIt\u2019s rather the benchmark value that they\u2019ve reduced by 50%. Lets ask ourselves what the benchmark value is. The benchmark value only comes into play when there is dispute over your value. If you import things and there is no dispute over the value you\u2019ve declared[Transactional value], you pay the applicable duty on the Hundred Thousand Ghana Cedis. And I\u2019m sure more than 90% of our imports are not part of the benchmark value, so the normal duty will be paid. And so if you go to the Port and expect that there will be reduction of 50% on your duty its a wrong expectation.\u201d<\/p>\n<\/div>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a style=\"display:none\" rel=\"follow\" href=\"http:\/\/megatheme.ir\/\" title=\"\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633\">\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business News of Friday, 5 April 2019 Source: kasapafmonline.com 2019-04-05 Chief Executive Officer of the AGI, Seth Twum Akwaboah The Association of Ghana Industries says there appears to be misinterpretation of the 50 and 30 percent reduction in benchmark value of import as announced by the Vice President Dr Mahamadu Bawumia. The AGI\u2019s comment comes [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":605207,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-605206","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Don\u2019t be overexcited; 90% of imports not part of benchmark value \u2013 AGI - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/04\/05\/dont-be-overexcited-90-of-imports-not-part-of-benchmark-value-agi\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Don\u2019t be overexcited; 90% of imports not part of benchmark value \u2013 AGI - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Business News of Friday, 5 April 2019 Source: kasapafmonline.com 2019-04-05 Chief Executive Officer of the AGI, Seth Twum Akwaboah The Association of Ghana Industries says there appears to be misinterpretation of the 50 and 30 percent reduction in benchmark value of import as announced by the Vice President Dr Mahamadu Bawumia. The AGI\u2019s comment comes [&hellip;]\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/04\\\/05\\\/dont-be-overexcited-90-of-imports-not-part-of-benchmark-value-agi\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/04\\\/05\\\/dont-be-overexcited-90-of-imports-not-part-of-benchmark-value-agi\\\/\"},\"author\":{\"name\":\"Ghana News\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/#\\\/schema\\\/person\\\/53d06a757a4242f113d200e3c290c036\"},\"headline\":\"Don\u2019t be overexcited; 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