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    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

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    Gov’t must invest more resources into agriculture sector – Agribusiness Chamber

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Farmers worried about possible unfair distribution of MoFA machines

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    Our cars to sell for cheaper soon- locally assembled automobile companies

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    Ghana’s inflation rate rises again; hits 31.7% in July 2022

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    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

    Dr. Ampabeng advocates consolidation of road taxes into fiscal policy

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    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

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    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

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Reversal of 50% benchmark value policy commences on November 15

byNerteley Nettey
November 14, 2021
in Business, Local Economy, Top Stories
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Effective Monday, November 15, revised selected items cease to enjoy 30% and 50% discount on benchmark or invoices for vehicle and general goods.

The items include, sugar, noodles, palm oil, roofing sheets, toilet paper, facial tissue and towel, chocolates, Portland cement, clinker and mosquito coil.

Other items also include vehicles, ceramic tiles, aluminum products, cartons, textiles, fruit juices, among others.

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The Ghana Revenue Authority (GRA) in a letter forwarded to the Finance Minister, Ken Ofori Atta, signed by the Commissioner General, Rev. Ammishaddai Owusu-Amoah, revealed that the move is informed by an agreement reached with the business community to, as it where,to generate more revenue.

It will be recalled that as part of efforts to reduce the menace of smuggling and make the country’s ports more competitive and attractive, government on 4th April 2019, reduced the benchmark value or delivery values of imports, by 50%, except for vehicles which were to be reduced by 30%.

But in recent times, many stakeholders have called, like GUTA have urged government not to scrap the 50% reduction in benchmark values as the reversal will adversely affect their businesses.

Recently, the Association of Ghana Industries (AGI) called for a review of the 50% benchmark value reduction policy to align with the country’s industrialization drive.

According to the AGI, imports which come to compete with locally manufactured products be exempted from the policy, saying government must cushion local products for which there is local production capacity.

Don’t reverse the 50% reduction in benchmark values – GUTA appeals

Earlier this year, the Ghana Union of Traders Associations (GUTA) appealed to abort plans to scrap the 50% reduction in benchmark values.

GUTA insists that, if the reversal is carried through, it will adversely affect their businesses.

President of GUTA, Dr Joseph Obeng says such a move would be insensitive to the trading community looking at their current predicament compounded by the outbreak of COVID-19.

 

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