The Ghana Revenue Authority’s (GRA) Customs Division is betting on a surge in vehicle imports to make up for a widening revenue gap triggered by the strengthening Ghanaian cedi.
Brigadier General Glover Ashong Annan, Commissioner of the Customs Division, said the appreciation of the cedi has led to a sharp decline in import duties, particularly on vehicles, some dropping by as much as 50%. He made the remarks during a recent working visit to the Tema Port.
“The appreciation of the cedi has impacted revenue, particularly from vehicles, where the duties have been cut nearly in half,” he explained.
“However, we believe this will incentivize higher import volumes, which should ultimately boost our revenue. By next month, we expect significant increases in imports,” he added.
While the stronger currency eases the cost of doing business for importers, it presents challenges for the Customs Division, which is under pressure to meet ambitious revenue targets.
At the same time, Finance Minister Dr. Cassiel Ato Forson has raised alarm over growing revenue leakages at the Tema Port, Ghana’s busiest port.
In an interview, the minister suggested he may relocate his office to the port to directly confront the problem.
“We’re seeing alarming levels of smuggling, especially from neighbouring Togo, untaxed goods are infiltrating our markets, undermining our revenue collection and fair trade,” Dr. Forson noted.
He emphasized that illicit trade is undercutting the country’s fiscal performance and warned that stricter enforcement and surveillance would soon be rolled out.
While the short-term impact of the cedi’s strength is undeniable, authorities are optimistic that higher trade volumes and tighter enforcement can stabilize collections in the months ahead.
