The Ghana Union of Traders Association (GUTA) has refuted a statement by the Ghana Revenue Authority (GRA) regarding the computation of customs duties.
While the GRA claims that duties are not calculated in foreign currencies, GUTA insists that the opposite is true.
According to GUTA’s Welfare Officer, Benjamin Yeboah, the GRA calculates import duties in dollars and provides the cedi equivalent for payment.
Yeboah explained that the GRA uses the dollar index to calculate duties, which is then converted to cedis using the prevailing Bank of Ghana exchange rate.
He emphasized that this practice has always been the case. GUTA is currently engaging with the government to find a solution to the depreciating cedi, which is affecting their operations.
The depreciating cedi is causing concerns for traders, and GUTA is urging the government to take prompt action to address the issue.
Yeboah expressed hope that the incoming Cocoa Syndicated Loan and the third tranche of the IMF Loan would help address the challenges and rebuild the economy.
He also warned that the cost of goods is likely to increase, especially when duty costs are calculated in dollars and paid in cedis.
GUTA is seeking a solution to this challenge and is working closely with the government to find a way forward.
