The Ghana Revenue Authority expects increased vehicle imports to offset significant revenue declines caused by the cedi’s appreciation, which has effectively halved import duties on automobiles.
Customs Division Commissioner Brigadier General Glover Ashong Annan confirmed the currency’s strengthening has reduced duty values during an August 1 inspection at Tema Port, though he projected import volumes would rise as lower costs attract buyers.
Annan acknowledged the GRA faces mounting pressure to meet targets amid exchange rate volatility, smuggling, and systemic leakage at border points. His assessment follows Finance Minister Dr. Cassiel Ato Forson’s recent warnings about “rampant revenue leakage” at Tema Port, particularly involving illicit trade with Togo. The Customs Commissioner maintained that despite immediate duty reductions, higher import volumes could stabilize revenue by next month.
The strategy emerges as authorities intensify port oversight, citing porous borders and corruption as persistent challenges. No timeline was provided for expected import increases or related revenue projections.
