Today in History: Exchange rate too high, reduce it now - Importers to government

On October 18, 2022, Ghanaian importers raised concern about the soaring exchange rate on import duties.

The Customs Division of the GRA at the time increased the exchange rate from GH¢8.29 to GH¢9.54.

Read the full story originally published on October 18, 2022.

Some Ghanaian importers have expressed concern about the country's high exchange rate on import duties.

The importers say the exchange rate on import tariffs is too high, and that the New Patriotic Party administration led by President Akufo-Addo should lessen it as quickly as possible to alleviate Ghana's economic woes.

The Customs Division of the GRA recently reviewed the exchange rate for port duties. It increased the exchange rate from GH¢8.29 to GH¢9.54

Mr Amoateng and Asirifi, Ghanaian importers, stated on MYABCTV's 'Bekyeremu' show on Saturday that the high exchange rate is steadily imploding their businesses.

According to them, at the beginning of this year, 2022, the exchange rate on import duties was 4.6 however, the Ghana Revenue Authority (GRA) has inflated it to 10 in recent days.

They truly think Ken Ofori-Atta, the finance minister, is not top of his job because he should have been able to peg it at 6.8 amidst the dollar which is trading at GHc12.

"Exchange rate on import duties is too high. The government should have pegged it by 6.8 by now. Because in the beginning this year, it was 4.8 but it has been increased to 10 as we speak."

They added that "The government is unable to give us money to work so what finance minister, Ken Ofori-Atta and President Akufo-Addo must do is to reduce the exchange rate at the ports."