The Ghana Union of Traders Association (GUTA) has disputed a statement from the Ghana Revenue Authority (GRA) claiming that it does not compute customs duties in foreign currency.

Contrary to the GRA's statement, GUTA asserts that the opposite is true.

The GRA, in May of this year, addressed media reports regarding the computation of customs duties and other import taxes on vehicles, stating unequivocally that such duties are not calculated in foreign currencies.

It explained that the duties and taxes on imported vehicles are based on the vehicles' value in their country of origin. This valuation includes Cost, Insurance, and Freight (CIF) charges, quoted in international convertible currencies like dollars, euros, and pounds sterling.

The GRA noted that these charges are then converted into Ghana cedis using the prevailing Bank of Ghana exchange rate before calculating duties and taxes in accordance with the Customs Act 2015 (Act 891).

In response, the Welfare Officer for GUTA, Benjamin Yeboah, insisted that the Ghana Revenue Authority calculates the import duties in dollars and provides the cedi equivalent for payment.

"They cannot quote in the cedi. You will pay in cedis, but they use the dollar index to calculate. It has always been like that," he said.

Furthermore, he indicated that GUTA is currently consulting with the government on the best method to cope with the depreciation of the Ghana cedi.

Mr. Yeboah stated that the depreciating cedi is affecting their operations and that GUTA is urging the government to take prompt action to address the issue.

"We're still dealing with the cedi depreciation. We are hopeful that the authorities will take immediate action to address the issue. The government has informed us that the Cocoa Syndicated Loan, the third tranche of the IMF Loan, is on its way, and we hope that it will help address the challenges and rebuild our economy," he explained.

He also mentioned that the cost of goods would likely increase, especially when the cost of duties is calculated in dollars, which they then have to pay in their cedi equivalent.