Bawumia Promises Fixed Exchange Rate For Pharmaceutical Importers

Flagbearer of the New Patriotic Party, Dr. Mahamud Bawumia, has reaffirmed his commitment to enhance the business-friendliness of ports by implementing fixed exchange rates, aimed at alleviating forex pressure faced by traders.

He emphasized that this initiative would also mitigate the risk of losing port traffic to neighbouring countries.

Speaking during the town hall meeting with the Pharmaceutical Society and other Pharma Groups, the Vice President emphasized the necessity for businesses, including those in the pharmacy industry, to cultivate a competitive edge to foster 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 discussion on the sidelines of the meeting, Dr. Kow Donkor, President of the Pharmaceutical Society of Ghana, expressed optimism that the concerns raised by society members would be addressed, providing relief to its members.

“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.”

citinewsroom