Importers in Ghana are to benefit from a significant reduction in import duties, as the benchmark values used to calculate import duties have been significantly reduced by government effective today, Thursday, April 4, 2019.
Vice-President Dr. Mahamudu Bawumia, who disclosed this at a Town Hall Meeting held in Accra, said the standard price for automobiles will see a 30 percent reduction, while that of all other goods have been reduced by 50 percent.
The initiative, Dr. Bawumia noted, is designed to reduce the high cost of clearing goods at the country’s ports, boost import volumes, and make the country competitive within the West Africa sub-region.
“The benchmark values applied by Customs to various commodities in the computation of import duties at Tema are much higher than in Lome, Abidjan and Dakar. In many cases they are 100-200 percent higher. If you take for example a Ford Focus 2009 model and you go to Tema, our benchmark would say it is worth US$9,000. If we go next door to Lome, the same car they benchmark at US$3,000; and the same car in Dakar is exactly the same price of US$3,000.
“So, it is a problem, and we end up paying double the duty because the benchmark values are so high vis-a vis Lomé and Dakar,” he said.