Flagbearer of the New Patriotic Party, Dr. Mahamud Bawumia, has reiterated his dedication to enhancing the business-friendliness of ports by implementing fixed exchange rates, with the aim of easing forex pressure experienced by traders.
He stressed that this measure would additionally help in preventing the loss of port traffic to neighboring countries.
Addressing participants during a town hall meeting with the Pharmaceutical Society and other Pharma Groups, the Vice President underscored the importance for businesses, including those in the pharmacy sector, to foster a competitive edge 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.”
During a conversation on the sidelines of the meeting, Dr. Kow Donkor, President of the Pharmaceutical Society of Ghana, expressed confidence that the concerns raised by society members would be addressed, providing relief to its constituents.
“We know the oil industry; the Bank of Ghana makes available the US dollars for their imports, pharmaceutical industry and medicines are also special items. When you have a shortage of medicines, that becomes a national security issue.
“If the central bank is going to make funding available at a special rate for the pharmaceutical importers and manufacturers, it will also go a long way to stabilize the prices.”
