The Ghana Revenue Authority (GRA) has disclosed that it has started the implementation of a fixed exchange rate regime at the country’s ports.The Commissioner General of GRA, Emmanuel Kofi Nti said the dollar has been pegged at GH¢5.08 at the port for trading purposes for the next three months. He made this known when he toured Abossey Okai in Accra. Abossey Okai is one of the spare parts hubs in the country. 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.” Due to the pegging, the Spare Parts Dealers have assured the general public that they will soon reduce the prices of their products 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.”

“Normally the rate is reviewed every two weeks but as of 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,” he added.

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

 

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