Government has reduced the benchmark values on general goods from 50% to 30% as well as import discounts on vehicles from 30% to 10%.

The reduction follows a consensus between Finance Minister, Ken Ofori-Atta, and the leadership of the Ghana Union of Traders Association (GUTA), Association of Ghana Industries (AGI), Institute of Freight Forwarders and the Ghana Revenue Authority.

Joy Business gathered from the consultative meeting that the government may implement the new adjustments in March 2022 as preparations are underway for a final announcement of the said day.

“Traders are very happy that the government listened to our concerns. In the end, the business community - both GUTA and the AGI - has been compensated and the consuming public not surcharged,” he told Joy Business.

The benchmark value discount policy was introduced by the government in 2019, in accordance with the World Customs Organisation policy of regular review of valuation database.

The Ghana Revenue Authority (GRA) had suspended the implementation of the reversal of discounts on benchmark values until further notice.

In a statement issued on Thursday, 13th January, 2022, the authority said the decision was to enable further engagements with all the relevant stakeholders.