Gov’t to make final decision on benchmark value by end of January
Minister of State at the Ministry for Finance, Charles Adu Boahen, has disclosed that the government is set to make the final decision on the benchmark value policy before the end of January.
According to him, government’s engagement with stakeholders is ongoing and will achieve a favourable outcome that will satisfy all parties involved.
President Nana Addo Dankwa Akufo-Addo directed the Customs Division of the Ghana Revenue Authority (GRA) to suspend its planned implementation of the government’s policy directive on the reversal of the reduction of values on selected imports.
The president asked for the policy to be delayed to allow for wider consultations, it is also to ensure that the complaints of traders opposed to the reversal are “sufficiently considered before a decision on implementation and its timing is finally taken.”
Speaking at an investiture dinner to swear in the new President of the Association of Ghana Industries (AGI), Mr Boahen said, “undoubtedly, the reversal of benchmark values is of particular concern to AGI and the wider business community. I think every speech that I have heard so far has referenced that, so I know it’s something that is of major concern to your members.
“ladies and gentlemen, I’m happy to let you know that there are continued engagements with stakeholders, please do not give up, let’s persevere and I’m sure we’ll find ourselves with some good news before the end of the month (January) with regards to the benchmark value,” he stated.
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The Customs Division of the Ghana Revenue Authority (GRA) is in the meantime holding on to the implementation of the reversal of the benchmark value discount policy on vehicles and other 43 selected items.
The decision by the Customs Division of the Ghana Revenue Authority (GRA) to shelve the implementation follows the outcome of a meeting held on Wednesday, January 12, 2022 and a statement signed by Col. Kwadwo Damoah (Rtd), Commissioner of Customs Division.
According to Col. Kwadwo Damoah (Rtd), the Customs Division of the GRA has been directed to suspend the implementation of the policy directive on the removal of the reduction of values of imports until further notice.
The announcement by the GRA is believed to be outcome of the stakeholder engagement between the Association of Ghana Industries (AGI), Ghana Union of Traders Associations (GUTA), GRA and Ministry of Finance.
Meanwhile, the Imposters and Exporters Association of Ghana (IEAG), has said that it is happy about Ghana Revenue Authority’s [GRA] decision to suspend the reversal of the benchmark value policy describing the suspension as a welcoming news to the Association.
The IEAG asserts that although it welcomes the suspension, members of the Association continue to grapple with exorbitant import levies and charges on cargoes at the port which government must also review downwards.
The Association revealed this in a press statement issued on 14 January, 2022, following the GRA’s announcement.
