The Ghana Revenue Authority has pegged the dollar at GH¢5.08 at the country’s ports

The Ghana Revenue Authority (GRA) has disclosed that it has started the implementation of a fixed exchange rate regime at the country’s ports.

Commissioner-General of GRA, Emmanuel Kofi Nti

The Commissioner General of GRA, Emmanuel Kofi Nti said the dollar has been pegged at GH¢5.08 at the port for trading purposes for the next three months.

He made this known when he toured Abossey Okai in Accra. Abossey Okai is one of the spare parts hubs in the country.

He said, "We got the directive on a fixed exchange rate for your trading purposes at least for the next three months. I can assure you that the rate has been pegged at GH¢5.08 for the next quarter until another review is done.”

Due to the pegging, the Spare Parts Dealers have assured the general public that they will soon reduce the prices of their products due to the newly introduced fixed exchange rate policy at the ports.

Co-chair of the Spare Parts Dealers Association Clement Boateng said: “when duties are high at the ports as a result of the high dollar rate, we have no option than to transfer the cost to the customers so now that the rate has come down, we will also comply.”

“Normally the rate is reviewed every two weeks but as of Tuesday evening and now, it has not been changed from the GH¢5.08, so I can confirm that indeed it has taken effect. This will help us to get more business and mobilize more revenue for the government,” he added.

Meanwhile, Commissioner of Customs Isaac Crentsil has allayed fears of the traders that reduction on import duty would not affect their products.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Here are the 5 worst cities to live in Africa, according to Economist Intelligence Unit report

Here are the 5 worst cities to live in Africa, according to Economist Intelligence Unit report

10 African countries with the largest foreign exchange reserves

10 African countries with the largest foreign exchange reserves

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Top 10 happiest countries in Africa in 2022

Top 10 happiest countries in Africa in 2022

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

These 6 countries have the highest unemployment rates in Africa

These 6 countries have the highest unemployment rates in Africa

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job