Spare Part Dealers Wants Cedi Stabilized

Spare part dealers at Abossey Okai, a suburb of Accra, has called on government to come out with a budget that would strengthen the cedi against the dollar.

The Finance Minister, Ken Ofori Attah is expected to present the 2019 budget on behalf of government to Parliament on Thursday.

In an interview with The Publisher yesterday ahead of the budget review, the dealers complained that the value of the cedi against foreign currencies is not favorable for their business.

“The depreciation of the cedi against the dollar is killing our business. We are pleading with government to arrest the dollar as they promised,” a dealer mentioned.

Although government claims taxes on spare parts have been scrapped, some dealers also told the paper that the duty rate is still high.

The free fall of the Cedi against major foreign currencies remains the biggest challenge for businesses in the country.

A dollar now sells at GH¢5.00 at forex bureaus in the country.

However, the spare part dealers and shop owners at Abossey Okai believes stabilizing the cedi would boost their business.

Meanwhile, the Ghana Union of Traders Association (GUTA), is hoping that procurement processes will be simplified.

The President of the Association on Starr Fm called on government to take pragmatic steps to reduce the duty rates.

“We want pragmatic steps to be taken so that the duty rates will be reduced. We want procurement to be so simplified as well. Ghana as a nation has not done badly in terms of exports and the cash accrued therein. About 70% of countries are import based and are doing very well. The management is what matters,” he noted.

By: Emmanuel Yeboah Britwum