Benchmark Values: Policy reversal to be detrimental on importers – IEAG
The Executive Secretary of the Importers and Exporters Association of Ghana (IEAG), Samson Awingobit, has stated that government’s decision to repeal the 50% benchmark values will be detrimental to their business if not reversed.
The assertion by Mr Awingobit comes after the implementation of the reversal of the 50% benchmark values by the Ghana Revenue Authority (GRA) starting today, January 4, 2022 at various ports.
The Association indicated that the move will lead to many businesses losing their cargoes since importers would have to pay more outside their budget, adding that in a situation where importers would not be able to afford to clear their goods on time, issues of uncleared cargo list would pop up and huge loses to demurrage would set it.
“The IEAG would want to state categorically that the position taken by government and by extension the Ghana Revenue Authority GRA on this matter would be detrimental to the business community if it is not reversed immediately. It would lead to many businesses losing their cargoes since importers would have to pay more outside their budgets even at this crucial time at the beginning of a new year. In the very likely event that such importers are not able to raise the additional funds to clear their goods on time, issues of uncleared cargo lists UCL would pop up and huge loses to demurrage would set in”.
The Association made this known in a press statement to register their displeasure on the ongoing implementation of the reversal of the 50% benchmark values.
“Persuant to the government’s implementation of the reversed 50% benchmark values at all ports of entry today, 4th January, 2022, and having observed the process so far, the Secretariat of the Importers and Exporters Association of Ghana IEAG would want to register its categorical displeasure and utter shock over the process so far”, the statement added.
In the statement, the Association further indicated that, importers and clearing agencies who had their Bill of Entry [BOE] entered and accepted by ICUMS in the last working days of 2021, have been denied access to get their cargoes cleared from the port and are being asked to re-enter their various BOEs for new values to be charged on their cargos.
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The statement also revealed that the ICUMS platform has been shut to importers and clearing agents who have completed their processes in 2021 and waiting to clear their goods from the port.
“The IEAG secretariat has made the following surprising observations at the various ports of entry on Tuesday 4th January 2022.
- That importers and clearing agencies whose Bill of Entry BOE were entered and duly accepted by the ICUMS in the last working days of 2021, have been denied access to clear their cargoes from the ports. Such importers and clearing agents are regrettably being asked to re-enter their various BOEs for new values to be charged on their cargos.
- That the ICUMS platform has been shut to all importers and clearing agents whose process have already been completed in the last year of 2021 and waiting to clear their cargoes from the ports”.
In view of that, the IEAG is calling on the government to withdraw the directives immediately and also demand that such importers be given 14 days to clear their already cleared cargoes from the port without the new 50% benchmark values.
The statement also furthered that, should their plea fall on deaf ears, the IEAG will not be hesitant to commence moves with its allies in the business community to register its displeasure possibly through a strike action.
“In furtherance, the IEAG would want to state that it would not hesitate to commence moves with its allies in the business community to register its displeasure about this directive should government fails to heed to our demands within 24 hours after this press statement has been issued,” it stated.
