Ghana Revenue Authority suspends 50% benchmark value until further notice

The GRA in a statement issued by the Commissioner for Customs Division COL. Kwadwo Damoah (RTD) announced the indefinite suspension on the values of imports on selected items.

"Following the outcome of a meeting held on Wednesday 12th January 2022, the Customs Division of GRA has been directed to suspend the implementation of the government’s policy directive on the removal or reduction of values of imports on selected items until further notice to enable more engagements with all the relevant stakeholders," the statement read.

Earlier, President Nana Addo Dankwa Akufo-Addo has been reported to have ordered the suspension of the reversal of the benchmark policy.

This, according to reports, is to allow for further consultations.

The president's order comes after the Finance Ministry had agreed to further engagement on the discounted benchmark reversal after a crucial meeting with other stakeholders.

The meeting on Thursday, January 6, 2022, was attended by Finance Minister Ken Ofori Atta, trade union leaders, Customs, and the Ghana Revenue Authority (GRA) to conclude on what was termed "satisfactory values for importation."

The reversal was to affect 143 items under three categories prescribed by the GRA.