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The Ghana Revenue Authority (GRA) announced that it has begun to implement a fixed exchange rate regime in the country's ports.
GRA General Commissioner Emmanuel Kofi Nti said the vice president, Dr. Mahamudu Bawumia, had ordered the dollar to be anchored at 5.08 GH ¢ in the port for trading for the next three months.
Mr. Kofi Nti was interacting with spare parts dealers during a tour to Abossey Okai in Accra on Wednesday.
He said: "We have been given a fixed exchange rate guideline for your trading needs for at least the next three months, and I can badure you that the rate has been indexed at 5.08 GH ¢ for the next quarter. Waiting for a new review. "The vice president directed and we obeyed."
Spare parts dealers have given badurances that customers of their products will soon benefit from reduced prices due to the fixed exchange rate policy recently introduced at ports.
Co-Chairman of the Spare Parts Dealers Association, Clement Boateng, said: "When customs duties are high in ports because of the high exchange rate, we have no choice but to transfer the cost to customers, while the rate has dropped. we will also comply.
Mr. Boateng added, "Normally, the rate is reviewed every two weeks, but it has not been changed since Tuesday night and from GH ¢ 5.08. So I can confirm that it has indeed taken effect. This will help us to have more business and to mobilize more revenue for the government. "
At the same time, the customs commissioner, Isaac Crentsil, has dispelled the fears of traders that the reduction of import duties does not affect their products.
The Commissioner's visit aimed to familiarize himself with the challenges of the port's traders.
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