Storage solutions are one of the most vital parts of businesses when they are dealing with imports or exports to or from Ghana. Bonded Warehouse Storage Facilities in Ghana are an excellent and effective way to keep the goods without paying the customs duties and taxes at the time. Such facilities are highly imperative for businesses that bring in large quantities of products as they enable the firms to make payments at a later time when the goods are sold or distributed.
We are going to examine the question “What is a bonded warehouse?” “How do they work?”, and “Why Should Ghanaian Businesses Use Them? in this piece.” If you are a business owner with decades of international trading experience or a newbie in the global market, grasping the importance of bonded warehouses will not only make your operations smoother but also cut down the expenses.
What Are Bonded Warehouse Storage Facilities?
Basically, a bonded warehouse is a storage area that is considered safe where foreign products can be kept without the immediate payment of customs duties and taxes. Such warehouses are locally checked by Ghana Customs who ensure that the products stored in the warehouses meet the local laws.
The main advantage of using bonded warehouse storage is that enterprises are allowed to pay the customs duties and taxes only when the goods are released for sale or distribution. Hence, this option can be a huge benefit to companies that are either importing large quantities of goods or are dealing with the organization of their stock for future use.
The Function of Bonded Warehouses in Ghana
As a rule, bonded warehouses in Ghana are situated in the strategic places that are close to the seaports or airports. In this way, it becomes easier for the stored goods to be availed without delay. Such facilities are especially useful for:
How Do Bonded Warehouse Storage Facilities Work in Ghana?
The use of the Bonded Warehouse Storage Facility in Ghana is a process that begins with the arrival of goods at the port or airport. First, these goods should be delivered to the warehouse, where they are stored under customs supervision. The goods in the warehouse are those in which customs duties are not yet paid. Eventually, these goods will be moved to their final destination, either for domestic sale or re-export.
- Arrival of Goods: Goods are first transported to the bonded warehouse once they have arrived in Ghana. At the bonded warehouse, the customs control will be carried out on the goods.
- Customs Declaration: Importer is required to declare the goods to customs, at the same time provide all the supporting documents to them.
- Storage and Supervision: Goods are left in the bonded warehouse until the business is ready to pay the required duties and taxes.
- Release of Goods: When the goods will be on sale or re-export, then the company will be required to pay the appropriate duties and taxes. The goods will be released for distribution after payment.
Benefits of Using Bonded Warehouse Storage Facilities in Ghana
Cash Flow Management
Definitely, one of the main benefits that a company can acquire by using Bonded Warehouse Storage Facilities in Ghana is the possibility to postpone the payment of duties and taxes until the time the goods will be sold or distributed. This postponement allows businesses to better their cash flows as they are able to keep the money which is usually tied up in taxes and duties.
Reduced Risk of Loss or Damage
Since bonded warehouses are under the close supervision of Ghana Customs, the goods stored are safe against theft, loss, or damage. The warehouses are secured and monitored, preventing any sorts of crimes against the goods.
Flexible Storage Options
Bonded warehouses are known to have good storage solutions with the advantage of being very adaptable. One can keep their goods for either a short period of time or long, it all depends on the needs of the enterprise. Besides, if the products are not sold in the local market, the business can export them again without incurring any local duties and taxes.
Simplified Customs Procedures
The use of a bonded warehouse helps to simplify the customs procedures that businesses have to undergo. By placing the products in these storages, firms do not have to do the clearance every time they want to take a portion of their stock.
Bonded Warehouse vs. Regular Warehouse Storage
| Feature | Bonded Warehouse | Regular Warehouse |
| Customs Duty Payment | Deferred payment is made at the time of goods release. | Immediate payment is made at the entry of goods. |
| Storage Duration | Long-term storage possible or until re-export of goods. | Usually short-term or based on business needs. |
| Security | Higher security under customs supervision. | Varies depending on the warehouse facility. |
Suitable For The importers, exporters and the consolidation are the best users of it. General warehousing and distribution are common uses.
Advantages of Bonded Warehouses:
- No immediate duty payment.
- Long-term storage for goods not immediately needed.
- Tax exemption for re-exported goods.
- Advantages of Regular Warehouses:
- Faster access to goods for immediate distribution.
- No customs supervision required.
How to Pick the Best Bonded Warehouse in Ghana
Location
The place of a bonded warehouse is an essential item in ensuring the smooth running of the logistics process. A facility located near the seaports, airports, or any other transportation hubs can not only save the money but also the time that is required for delivery of goods.
Security Features
Security should be the most important factor when it comes to the selection of a bonded warehouse. Look for a facility that is equipped with a security system that is made up of twenty-four-hour surveillance, alarm systems, and limited access. This will guarantee that the products are kept safe from thieves or damages.
Compliance with Ghana Customs Regulations
The stockroom must be in exact agreement with Ghana Customs directives. The storeroom should have the ability to handle customs clearance, while the customer service representative should be well-trained in the rules and regulations of Ghana.
Availability of Additional Services
There are some bonded warehouses which might provide a range of services that go beyond the storage of goods, for example, inventory management, packaging, or labeling. So, in case these value-added services are part of your business necessities, then it will be good to select a facility that offers such services.
Wrap up
Ghana’s Bonded Warehouse Storage Facilities allow companies to have a very crucial role in foreign trades. These facilities are good for companies as they provide them with financial benefits, increase the security of their goods, and give them an opportunity to speed up the procedures of the customs which, in turn, contribute to the cash flow of the businesses. Through the deferral of the payment of the import duties and taxes, businesses are more at ease to handle their inventories and concentrate on their expansion.
In BJH Logistic case you are dealing with import or export trades in Ghana, picking the most suitable bonded warehouse will be your first step to achieving the goal of easy and less costly operations. Cooperate with a proficient customs clearance agent and a bonded warehouse operator so that your cargo is stored in a safe place and the clearance proceeds smoothly.