The reversal of the 50 percent benchmark on value of imports starts today Tuesday January 4. This will affect 43 items under three categories prescribed by the Ghana Revenue Authority. The benchmark value, which is the amount taxable on imports, was reduced by 50% for some goods.
Government had hoped that this was going to scale up the volume of transactions to make Ghana’s ports competitive. Government in 2019 introduced the Benchmark policy in accordance with the World Customs organization policy of regular review of valuation databases.
Under this policy certain commodities are benchmarked to the prevailing World Prices as a risk management tool to reflect the true market dynamics of these commodities. It also takes into consideration factors such as protection of health, environment and security as well as protection of local industries.
A statement from the GRA notes that in line with the reversal, several engagements have been made with relevant stakeholders with the aim of reaching a consensus on the implementation of the policy.
