The Importers and Exporters Association of Ghana has expressed concerns over the timing for the implementation of reversal of the benchmark value policy.

It has thus asked government to engage key stakeholders immediately.

The association projects that the immediate implementation of the reversal will lead to unbearable economic hardship for business operators in the country.

During the later days of 2022, the Ghana Revenue Authority announced the complete reversal of the benchmark policy effective 1st January 2023.

Speaking to Citi News, the General Secretary of the Importers and Exporters Association of Ghana, Samson Asaki Awingobit urged government to stick to its promises of making business activities more conducive for stakeholders.

“I believe that government will do something better. It’s challenging. This is not the best because we just entered a new year. I think that if something has to be done, government must engage in consultation on the reversal. Let’s engage and understand what government is doing to assuage the plight of Ghanaians and business communities because we suffered in 2022.”

The Ghana Revenue Authority (GRA) has announced the reversal of 30% discount on import values of general goods and 10% discount on Home Delivery Value of vehicles effective January 1, 2023.

The reversal according to GRA follows the government’s 2023 budget statement and economic policy.

In a statement issued by the GRA, it said, “following the budget statement and economic policy of the government of Ghana for the year ending 31st December 2023, dated 24th November 2022, the Ghana Revenue Authority (GRA) wishes to inform the trading public of the complete reversal of the 30% discount on import values of general goods and 10% discount on home delivery value (HDV) of used vehicles effective 1st January 2023.

The statement stressed that valuation of all goods will continue to be done in line with World Trade Organisation (WTO) valuation agreement.

“Valuation of all goods will continue to be done in line with the World Trade Organization (WTO) valuation agreement, WCO Customs valuation compendium and the Customs Act 2015 (Act 891) section 60 (used motor vehicles) and section 67 (general goods).

Government introduced discounts on imported goods in 2019 in a bid to help reduce the prices of imported products in the country.

In that year, the discount on general goods imported was 50% while the discount on imported vehicles was 30% to bring respite to citizens.

It was later reviewed several times following agitations by manufacturers and firms that produce goods locally.