GRA to Begin fixed exchange rate regime

The Ghana Revenue Authority (GRA) is to start the implementation of fixed exchange rate regime to protect importers from the fluctuation of the US dollar.

This will now keep the cedi to the dollar for import duties over a 90-day period beginning with a rate of GH¢5.08 to the dollar.

The new measure agreed with stakeholders coupled with the recent import duty cut is to help business plan and also reduce the surge in goods in the country.

Mr Emmanuel Kofi-Nti, the Commissioner-General of the Ghana Revenue Authority who announced this at a familiarisation visit to Spare Parts Dealers at Abossey Okai, Traders and traders at the Central Business District said the rate would be reviewed periodically.

The visit was also to access if traders were enjoying the recent import duty cuts announced by the government.

He urged importers especially spare parts dealers to reduce prices of goods to reflect the recent port imports charges cut by the government.

“Once the government has listened to your plea and reduced the port charges, I want you to also reduce the prices of goods to be in line with the current rates,” he said.

Following concerns by most of the traders during the interaction about lack of avenue for redress when they face challenges with their customs and national security officers at the port, Mr Nti said a complaint unit would be established at the Tema Port.

Mr Clement Boateng, the President of Spare Parts Dealers Association Commended the GRA for developing and strengthening the relations with the group and pledged to educate its members to promptly file their tax returns.

He said the Association would not shield any member who engaged in malpractices because they were aware of the importance of taxes.

“We have seen the road infrastructure development taking place in our zone and it is the tax we pay that the government is utilising for all these projects,” he said.