GRA Denies Claims of Imposing Customs Duties in Foreign Currencies

The Ghana Revenue Authority (GRA) has refuted claims suggesting that it imposes customs duties in foreign currencies, stating that such assertions are misleading and should be disregarded.

In a press release issued on May 16, 2024, the GRA clarified that the computation of duties and taxes is based on the value of vehicles in their country of origin, including Cost, Insurance, and Freight (CIF) charges.

While these CIF values are quoted in international currencies such as dollars, euros, and pounds sterling, the GRA emphasized that they are converted to Ghana cedis using the current exchange rate provided by the Bank of Ghana before duties and taxes are applied.

“Duties and taxes are computed based on the value of vehicles from the country of origin. In addition to the cost of vehicles, Insurance and Freight charges must be added to form the base for the calculation of duty and taxes. The Cost, Insurance, and Freight (CIF) values are quoted in international convertible currencies such as dollars, euros, pounds sterling, etc.

“The CIF value is then converted into Ghana cedis at the prevailing Bank of Ghana exchange rate. Rates of duty and other taxes are then calculated on the item in GH¢ (Ghana cedis). The duty and taxes are NOT quoted in foreign currency, but in GH¢,” the statement clarified.

The GRA urged the public to dismiss any false information suggesting foreign currency calculations and reiterated its commitment to revenue mobilization with integrity, fairness, and transparency.

“Therefore, we entreat the general public to disregard this false information.

“We also assure the public of our commitment to our mandate of mobilizing revenue with integrity, fairness, and transparency,” the statement concluded.