The policy kicks off on January 6, 2022
GRA begins reversal of 50 percent benchmark value reduction at ports
Duty on sugar, vehicles, roofing sheets, ceramic tiles and others to impacted
Cost of doing business at the ports to increase, GUTA
The Importers and Exporters Association of Ghana are requesting a minimum 14-day deferment for the implementation of the reversal of the reduction in benchmark values policy.
This development comes after the revenue arm of government, Ghana Revenue Authority, announced a January 6, 2022 commencement of a 50% reduction in the benchmark value covering over 30 categories of items at the country’s ports.
But Executive Secretary of the Association, Samson Asaki Awingobit has called for more time to allow importers to facilitate clearing of their goods as many of them received their duty bills before the policy was revised.
“I strongly believe that the 2-day deferment was woefully inadequate. Even though we are still kicking against the totality of the revised policy, we are also standing by our demands as stated in our press release which states that we need at least 2 weeks to process imports for which we already have duty bills,” he told Citi Business News.
“Basically, we are calling for the reversal to be put on hold. Let all come together around the table and deliberate further. Maybe we can agree on something that will be good for all stakeholders,” Awingobit added.
Already, the Ghana Union of Traders Association has kicked against the policy citing it will be detrimental to the trading community and activities at the ports.
President of the GUTA, Dr. Joseph Obeng in a statement expressed concerns over the timing of the implementation of the reversal of revised policy and asked government to further engage stakeholders.
GUTA explained, “the prices of essential commodities such as food, pharmaceuticals and others will be extremely unbearable for the consuming public, which will also affect the turnover and volume of trade in the country, and consequently lead to collapse businesses.”
It added that, “prevailing conditions on the world market show that commodity prices, freight charges and exchange rates are high and do not favour such a policy decision to be implemented this month [January].”
Meanwhile, the Ghana Revenue Authority had initially set January 4, 2022 to begin the implementation of the reversal of the benchmark value policy at the ports but had to review its decision to January 4, 2022 to enable importers to clear their goods.