The business are kicking against plans by the custom division of the Ghana Revenue Authority GRA to begin calculating duties at the port at the Bank of Ghana’s rate of ghc10.70p from today.
This move is an upwards adjustment from the current ghc9.60p in the face of current economic challenges in the country.
Ghana’s annual inflation rate accelerated for the 16th straight month to 37.2% in September of 2022, from 33.9% in August. It was the highest reading since July of 2001, even after Ghana’s central bank delivered another 250 bps rate hike during its October meeting. Prices of imported goods (40.7%) accelerated faster than domestic items (35.8%), largely due to a weakening cedi. Upward pressure came mostly from prices of housing & utilities (68.8%); transport (46.8%) and food products (36.8%). On a monthly basis, consumer prices increased by 2%
The Executive secretary of the importers and Exporters Association of Ghana Sampson Asaki Awingobit is warning they would be forced to pass the cost onto consumers if government fails to intervene.
Story by: Teacher Kojo / Ahotoronline.com
