The upward review of the exchange rate from GHS 8.29 to GHS 9.54 for import duties, the IEAG notes, will result in a further increase in the cost of goods and services for the Ghanaian populace.
Importers, exporters bemoan new exchange rates for port duties
The Importers and Exporters Association of Ghana (IEAG) has described as appalling the decision of the Customs Division of the GRA to upwardly review the exchange rate for port duties.
“We as an association find this sudden adjustment by Customs as appalling, because, some freight Forwarders (clearing agents) have produced documented evidence alluding to the fact that, they had to pay about 25,000ghc extra on duties due to the abnormal increment in the exchange rate.
“Some even had to pay in the excess of 107,613ghc from an initial duty of 78,567ghc, while others had to pay a whopping 102,181.08ghc for an initial duty of 88,446.09ghc,” said the IEAG in a statement issued on Wednesday, September 28, 2022.
“With Ghanaians already feeling the brunt of the increment in prices of goods and services, it is worth noting that, there could be more hardship in the coming days if nothing is done to address the situation since Importers will equally pass on these incurring debts to the ordinary consumer,” the IEAG added.
The IEAG notes that the new exchange rate for import duties is set to take effect from Monday, October 3, 2022.
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