GRA begins implementation of a fixed exchange rate regime at the ports

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The Ghana Revenue Authority (GRA) says it has begun the implementation of a fixed exchange rate regime at the country’s ports.

The Commissioner General of GRA, Emmanuel Kofi Nti disclosed the dollar has been pegged at GH¢5.08 at the port for the purposes of trading for the next three months.

Mr Kofi Nti was speaking in interaction with Spare Part Dealers during a tour at Abossey Okai in Accra, on Wednesday.

He said, "We got the directive on a fixed exchange rate for your trading purposes at least for the next three months. I can assure you that the rate has been pegged at GH¢5.08 for the next quarter until another review is done.”

Spare Parts Dealers have given the assurance that patrons of their products will soon see a reduction in their prices due to the newly introduced fixed exchange rate policy at the ports.

Co-chair of the Spare Parts Dealers Association Clement Boateng said: “when duties are high at the ports as a result of the high dollar rate, we have no option than to transfer the cost to the customers so now that the rate has come down, we will also comply.”

Mr Boateng added, “Normally the rate is reviewed every two weeks but as at Tuesday evening and now, it has not been changed from the GH¢5.08, so I can confirm that indeed it has taken effect. This will help us to get more business and mobilize more revenue for the government.”

Meanwhile, Commissioner of Customs Isaac Crentsil has allayed fears of the traders that reduction on import duty would not affect their products.

The tour by the Commissioner was to familiarize himself with the challenges of traders at the Port.