Bawumia promises to boost business at ports with fixed exchange rates
Dr. Mahamudu Bawumia
Dr. Mahamudu Bawumia, the Flagbearer of the New Patriotic Party (NPP), has reiterated his commitment to improving the business environment at ports by introducing fixed exchange rates.
Read full articleThis initiative, according to him, aims to alleviate forex pressures on traders and prevent the loss of port traffic to neighboring countries.
Speaking at a town hall meeting with the Pharmaceutical Society and other Pharma Groups, Bawumia emphasized the importance of fostering competitiveness among businesses, including those in the pharmacy industry, to drive 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 in 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.
