My-Govt-Will-Ensure-Duties-At-Ports-Are-Not-Higher-Than-In-Lome---Bawumia-Promises-PSG

3 months ago 67
ARTICLE AD BOX

The Flagbearer and leader of the ruling New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has reaffirmed his commitment to further improve the business-friendliness of ports by effecting fixed exchange rates, aimed at alleviating forex pressure faced by traders.

Vice President, Dr. Bawumia outlined the importance of the initiative stating that it would also mitigate the risk of losing port traffic to neighbouring countries.

Speaking during the Town Hall meeting with the Pharmaceutical Society and other Pharmacy Pracitioners, the Vice President highlighted the necessity for businesses, including those in the pharmaceutical industries, to cultivate a competitive edge to foster economic growth.

“We’re going to change the duty structure and go into more of a flat specific duty. If you have a 40-footer container, you know how much you are paying in cedis. So, you take the exchange rate out of the matter and deal with it.

“We are also going to make sure that our duties at ports by policy cannot be higher than in Lome, which is our competitor. And right now, there’s a lot of diversion of containers to Lome because ours are higher," he said.

Dr. Kow Donkor, President of the Pharmaceutical Society of Ghana, in addressing the attendees of the meeting expressed optimism that the concerns raised by society members would be addressed, providing relief to its members.

He said, “We know the oil industry; the Bank of Ghana makes available the US dollars for their imports, pharmaceutical industry and medicines are also special items. When you have a shortage of medicines that becomes a national security issue.

“If the central bank is going to make funding available at a special rate for the pharmaceutical importers and manufacturers, it will also go a long way to stabilize the prices.”

Source: Kobina Darlington/peacefmonline.com

Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.

Featured Video

Read Entire Article