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Company News from Saturday, April 13, 2019
Source: citibusinessnews.com
2019-04-13
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Some importers have urged the government to extend the dollar to the cedi of ports by six months.
Even though they congratulate the government for its decision to tie the local currency to 5 Cedis 8 pesetas for a dollar in the ports over the next three months, importers claim that a long-term currency hedge will facilitate planning.
They argue that this will be beneficial because of the long import delays.
According to some importers who have interacted with Citi Business News, the fixed exchange rate regime in ports will not only stabilize prices and help businesses grow, but will also benefit the end consumer.
Co-Chairman of the Abossey-Okai Spare Parts Association, Clement Boateng, explained that this decision would help stabilize prices.
"This will make prices stable, if only for nothing at all for the quarter in question. This will also allow the businessman to make effective projections knowing what the Cedi-Dollar rate will be during the reporting period. You will know that for this quarter or this period, if I bring badets of this amount, that is what I will pay, unlike on other occasions where there was uncertainty. "
Godwin Aggerh, director of the Aggerh Company Limited Car Import Company, said the consumer would be the ultimate beneficiary if the period is extended to six months.
"I think that as a car importer, it will also help customers, because when they budget an amount for a car in the period, they will probably get that importer's car at the agreed amount." , instead of agreeing on an amount and having it. changed because the Cedi eventually depreciates in a few days or weeks. "
Opinion of GUTA
For the President of the Ghana Union Traders Association (GUTA), Joseph Obeng, regardless of the importers' enthusiasm for the new policy, the government will have to take a step further to ensure the long-term stability of the Cedi.
Obeng said the government should fight the illegal foreign exchange trade in the country.
"The new regime gives us a lot of respite. But illegal foreign traders in this country, the illegal trade of money along the West African coast, is the scourge here. We are still talking to the government, we have written a paper on this, and we think that if the government tries to find solutions, it will also consider these inputs. "
Vice President Announcement
The Commissioner General of the Ghana Revenue Authority, Emmanuel Kofi Nti, during an interactive tour of the spare parts enclave of Abbossey Okai, revealed Wednesday that the vice president, Mr. Mahamudu Bawumia had ordered that the exchange rate be set at 5 cents 8 a dollar for importers over the next three months in order to reduce the cost of clearing goods in Ghana's ports.
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