Business

Import duties will continue to drive inflation if not checked – Importers and Exporters Association

The Importers and Exporters Association of Ghana says prices of goods will continue to increase uncontrollably should government fail to reduce import duties at the ports

The association has revealed that there have been huge differences in import duties and taxes at the port in the past days due to some differences in the exchange rate pegged by the Customs Division of the Ghana Revenue Authority.  They further revealed that as of Tuesday the 27th of September 2022, an exchange rate of 8 cedis, 3 pesewas has been pegged at 9cedis, 5 pesewas which is due for adjustment on Monday the 3rd of October 2022.

In an interview with Citi Business News, General Secretary of the Importers and Exporters Association of Ghana, Samson Asaki Awingobit said authorities must as a matter of urgency, adopt pragmatic measures to ensure these abnormal costs being incurred by Importers, freight Forwarders, and Traders are mitigated.

“If the new charges at the ports happen to be an error on the part of government then they should reverse it but if its the reality that that is the true reflection of what customs has given sanctioned by the Bank of Ghana and the Ministry of Finance then they are putting a burden on the business community that they cannot contain”.

He stressed, “Many people are running helplessly at the port, if they should cough up huge amounts to pay duties then how much will they sell their goods and that is why we will continue to see price increment now and then.”

Source: Ghana Business

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