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The benchmark value on imports has been reduced from 50% to 30% on general goods and 30% to 10% on vehicles. This means that importers now have a 30% discount on general goods and a 10% discount on imported vehicles.
The reduction was a result of a consensus between the Finance Minister, Ken Ofori-Atta, and the Ghana Union of Traders Association(GUTA), Association of Ghana Industries, Institute of Freight Forwarders, and the Ghana Revenue Authority.
In January, the Ghana Revenue Authority announced the reversal of benchmark values on imports. However, the trading community was against it because they feared it would increase the prices of general goods and services in the country.
The president has ordered the Ghana Revenue Authority to halt the reversal of the benchmark value.
On Thursday, January 13, 2022, the GRA issued a statement that the decision was to enable further engagements with all the relevant stakeholders.
According to a report by Joy Business, the government might implement the new adjustment in March 2022 as preparations are underway for a final announcement.
The Finance Minister stated that traders are excited that the government listened to their concerns.