The Korea importers Association of Ghana has said the complete reversal of the discount on Free on Board (FOB) value on general goods and home delivery value (HDV) of vehicles will collapse their businesses.

Mr. Domenu George, the General Secretary of the Association in an interview with Sompa News said the directive will dire consequences for their businesses.

A memo from the Commissioner General of the GRA, Rev Dr. Ammishadai Owusu Amoah gave a reminder of the effective date as January 1, 2023, and asked Customs officers to ensure strict compliance to prevent any possible losses of revenue.

There is however a transitional arrangement for the provision of a storage-free period for consignments discharged on December 31, 2022, from arriving means of conveyance to go through clearance without being affected by the reversal policy.

Mr. Domenu George said most of their members will go into farming since most of them will be out of business because of this new directive from the government

Author: Yaw Boamah