The Ghana Union of Traders Association (GUTA), is calling on government to as a matter of urgency, peg the dollar for the purpose of duty payments, at least quarterly to mitigate the plight of the business community.
According to the association, the Bank of Ghana’s weekly exchange rate quoted by the Customs Division of the Ghana Revenue Authority (GRA) has seen a sharp rise from ¢8.2 to ¢9.5, thereby shooting up duty charges at the ports to about 30%.
GUTA also claims that, following the injection of the $750 million into the system, the dollar is heading to ¢11, a situation it laments is unbearable and needs swift intervention from the government to save businesses from collapse.
A Statement from the Association said “within a few days of injecting about $ 750m into the system, the dollar is heading to 11. This has brought a great deal of confusion, frustration and exasperation in the business sector, especially, in the importing community, as well as the consuming public”.
“To make matters worse, the Bank of Ghana (BOG) weekly exchange rate for Ghana Revenue Authority-Customs Division has also risen from 8.2 to 9.5, which happened overnight. The change has shot up duty charges to about 30%”, it stressed.
“This situation is unbearable and needs swift action from the government to save businesses. As a result, Guta is calling on the Government to, as a matter of urgency, peg the dollar for the purpose of duty payments, at least quarterly, to mitigate the plight of the business community”. It added.
PRESS STATEMENT ON THE ALARMING RATE OF THE DOLLAR TO THE CEDI
WHAT CAN WE DO AT THIS POINT?
TRADERS ASK, AS THE CEDI IS ABOUT ELEVEN (11) GHANA CEDIS TO THE DOLLAR
Within a few days of injecting about US $ 750m into the system, the dollar is heading to eleven Ghana cedis (Gh11). This has brought a great deal of confusion, frustration and exasperation in the business sector, especially, in the importing community, as well as the consuming public.
To make matters worse, the Bank of Ghana (BOG) weekly exchange rate for Ghana Revenue Authority-Customs Division has also risen from 8.2 Ghana Cedis to 9.5 Ghana Cedis, which happened overnight. The change has shot up duty charges to about 30%.
This situation is unbearable and needs swift action from the Government to save businesses. As a result, Guta is calling on the Government to, as a matter of urgency, peg the dollar for the purpose of duty payments, at least quarterly, to mitigate the plight of the business community.
At this stage, it is becoming extremely difficult to service our bills, as well as pay our duty.
The question here is, what can we do at this point in time to continue to be in business?
In view of this hard situation,we find ourselves in, we would like to humbly appeal to the relative institutions particularly Bank of Ghana and Ministry of finance, that came before the Joint Committee set up by the Office of the Council of State to expedite the necessary action for prompt response.
We are also by this release reminding government that depleting funds without being replenished is the number one cause for business failure.
Dr. Joseph Obeng
President
Latest Stories
-
EIU optimistic Ghana’s debt-carrying capacity could easily improve in future
6 mins -
Access Bank Ghana Plc records commendable financial growth in quarter one, 2024
2 hours -
GFA DC charges Bashir Hayford over alleged misconduct in Bechem Utd game
2 hours -
MTN FA Cup: Dreams FC beat Soccer Intellectuals to make semis
3 hours -
Ayorkor Botchwey champions transformative investment, trade agenda
3 hours -
KNUST, University of Rwanda share experiences in implementation of Mastercard Foundation Scholars Program
4 hours -
Top 10 most visited tourist sites in Ghana 2023
4 hours -
Cecilia Dapaah case: I will reopen investigation into alleged acts of corruption – Mahama
4 hours -
GRA boss charges customs officers to be professional ahead of 2024 general elections
5 hours -
NPP thanks stakeholders for successful Ejisu by-election
5 hours -
Bawumia promises to involve chiefs in licensing miners if elected President
5 hours -
Koda should have visited the pastor to avert the prophecy – Ajagurajah
5 hours -
Emotional support alligator taken and released in swamp
5 hours -
A mate is a mate, Bawumia can’t be in the driver’s seat – NDC Communicator
5 hours -
Over 400 million Google accounts have used passkeys, but our passwordless future remains elusive
5 hours