The Ghana Revenue Authority(GRA) has issued new directives on auction of items. The new directives which were contained in circular outlines the processes through which goods in the custody of the GRA will be disposed of to the public. According to the statement, the ratio of distribution of goods by the GRA will now involve 70 percent allocation to the General Public, while thirty percent goes to the Confiscated Assets Committee.
In addition, the reserve price shall be two times the duties payable plus 50 percent of the value of the asset. Meanwhile, where the original owner of the asset becomes the beneficiary of the auction, the reserve price will be twice the duties payable only.
The new directives are to take immediate effect and will apply to all new auction sales or allocation. Additionally, all previous allocations or sales not paid for and cleared by their beneficiaries by the end of this month shall be forfeited and allocated or sold at new auctions.