Reversal of Benchmark Policy reduction takes effect today

The implementation of the reversal of the 50 percent benchmark value on imports will take effect from Tuesday, January 4, 2022.

This was announced in a statement issued by the Ghana Revenue Authority, (GRA) on Sunday, January 2, 2022.

 

The reversal will affect 43 items including rice, poultry, sugar, palm oil, toilet paper, vehicles among others.

The government introduced the benchmark policy in 2019 in hopes of stabilising prices and keeping commodities affordable.

However, this has not been the case. Hence, the reversal.

The Ghana Union of Traders Association (GUTA) is however requesting a halt of the implementation, citing the impact of the COVID-19 pandemic and ten other reasons.