Gov’t must begin pegging of port exchange rate right away- GUTA
The Ghana Union of Traders Associations (GUTA) has indicated that it expects the government to, as soon as possible, begin the implementation of its proposed measures to check the constant hike in port duties in the country.
GUTA President Dr. Joseph Obeng stated that it was ‘very welcoming … for which we are very grateful.’
Despite lauding the move, Dr. Obeng stressed that they wanted ‘firm assurances. We want to see it working and that’s what makes us keep talking about it.’
He emphasized that adopting government initiatives will greatly enhance the fortunes of the trading community.
‘Duties have been going up so far as the exchange rate is also going up. So at least if they fix it for us, it means that the duties that we pay are going to stabilize and that will also mitigate some of the numerous problems that we have, and that will take some of the stress off us.’
Last week, Deputy Trade Minister Michael Okyere Baafi revealed that the government will maintain a fixed exchange rate at the ports for the next three months to cushion traders.
This was after GUTA had announced the closure of shops for 6 days to register their displeasure with the challenge among others.
The strike was put off following negotiations behind closed doors with the presidency.
The dollar rate will be kept at the same level as the Bank of Ghana’s interbank rate.
The cedi is currently trading over GH¢15 to the dollar at some forex bureau despite selling for GH¢6.5 in January.
The traders have lamented that this is negatively affecting their businesses as it balloons the cost of importation and erodes their capital.
Source: Citinewsroom
