The Importers and Exporters Association of Ghana says the reversal of the benchmark policy by the government is in bad faith.

The Association said the absolute reversal of the benchmark discounts is in clear contravention of the discussions that went on prior to the announcement.

Executive Director of the Association, Samson Asaki Awingobit said the decision will have adverse effects on their businesses and called on the government to rescind its decision.

“It was agreed, and the Finance Minister made it categorically clear that the government was going to find ways and means to mitigate the plight of importers and I can tell you that since the benchmark value was taken away, we are yet to be invited by the Government to continue the discussion on how to mitigate our plight.”

He further stressed that the Association feels it has been stabbed in the back because the government came looking for their collaboration on the reversal and is now defaulting on all the pledges made prior to the reversal.

“The Finance Minister could not take it [the benchmark value] off unilaterally. That was the reason why he engaged us but as we speak, some importers were turned away when they went to clear their tax bills and were told the new values have taken effect, and so they are required to pay the new values.”

Three years after the implementation of the benchmark policy, the Ghana Revenue Authority (GRA) recently announced a complete reversal of the policy, effective January 1, 2023, which means that beginning this year, importers will no longer enjoy any more 10 percent discount on vehicles and a 30 percent discount on all other goods.