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Akufo-Addo directs GRA to stop rollout of benchmark value reversal for broader consultation

President Akufo-Addo has directed the Ghana Revenue Authority to stop the implementation of the reversal of discounts on benchmark values for now.

President Nana Akufo-Addo

According to reports from Accra-based Asaase Radio, the President wants all stakeholders to have a broader consultation on the matter before the implementation.

The decision is also to enable the concerns of traders to be adequately heard, before a final decision is taken on the matter.

Asaase Radio also revealed in its publication that the consultations have begun in earnest, with a consensus to be reached by January 17, 2021.

On January 2, 2022, the Ghana Revenue Authority (GRA) issued a directive which stated that from January 4, 2022, the Customs Division of the Ghana Revenue Authority will begin the effective implementation of the reversal of discounts on some specified category of goods.

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Following this development, scores of aggrieved individuals decried the policy and called on government to rescind the decision accordingly.

The biggest opposition party in Ghana, the National Democratic Congress (NDC) have also called for a reversal of its decision.

Any policy that seeks to increase import duties and ultimately the prices of goods, will lead to more hardships in the country. The sensible thing for government to do under the circumstances if they are genuinely minded to support AGI and boost local production is to reduce the cost of doing business and the factors of production by stabilizing the Ghana cedi, reducing the tax burden on businesses and by ensuring that businesses have access to cheaper credit, low utility tariffs and subsidized inputs. This is the surest and sustainable way of boosting local production without necessarily increasing the level of hardships in the country,” NDC’s National Communication Officer, Sammy Gyamfi said.

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