If you cannot arrest the dollar, strictly enforce use of cedi in all transactions - GUTA

If the dollar cannot be arrested, members of the Ghana Union of Traders Association (GUTA) have asked the government to strictly enforce the use of our local currency in all transactions.

According to the region’s Deputy Public Relations Officer, John Obiri Yeboah (JOY), the depreciation of the cedi is hurting businesses in the country.

He bemoaned the fact that the cost of imports had risen beyond all reasonable limits.

Speaking on Rainbow Radio 87.5Fm’s Frontline, the businessman stated that the cost of doing business in Ghana is exorbitant, driving members out of the country.

He told host Kwabena Agyapong that the duty component is concerning.

He claimed that the cost of importation has doubled by 100%, while the cost of duty has remained constant.

He went on to say that, despite the astronomical cost of duty on second-hand clothing, the Ghana Revenue Authority (GRA) has announced that it will raise the cost of duty on second-hand clothing.

He stated that as the dollar approaches GH¢10, the cost of duty rises. Duty on second-hand goods is also rising. That is why we are pleading with the government to consider using the cedi if the dollar cannot be stopped. We don’t have a choice.

There is no peg; when the dollar rises against the cedi, the cost of duty rises, and imports rise. That is exactly what we are experiencing, and we require immediate action.

He also urged the government to reconsider its decision to raise the duty on used clothing.