Government reduces percentage on benchmark values

Government reduces percentage on benchmark values

The Government of Ghana has reduced the benchmark values on general goods and that on the importation of vehicles after several weeks of agitations and consultations with stakeholders in the trading community. The 50% Benchmark value on general goods has been reduced to 30% and that on the importation of vehicles has been reduced from 30% to 10%.

The new development to be implemented in March 2022, follows a consensus between Finance Minister, Ken Ofori-Atta, and the leadership of various stakeholders in the trading community; Ghana Union of Traders Association (GUTA), Association of Ghana Industries (AGI), Institute of Freight Forwarders and the Ghana Revenue Authority.

Read Also: Government to announce new roadmap for reversal of Benchmark Value Reduction Policy

Early on, the government announced the reversal of the benchmark value policy in the 2022 budget and set January 4 as the implementation date of the policy. However, this decision was highly opposed by stakeholders of the trading community and led to the said date of the implementation postponed. Concerns were raised by members of the trading community which led to suspension of the reversal policy by the GRA following a directive from the Presidency.


Louis Gyan Kofi
Author: Louis Gyan Kofi

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