General Secretary of the New Patriotic Party (NPP), Justin Frimpong Kodua, has announced a significant policy change: import duties will no longer be charged in dollars but in Ghana’s local currency, the cedi.
Justin Frimpong Kodua highlighted the critical role the Dollar plays in Ghana’s import and export sectors, noting the challenges caused by the cedi’s instability.
He explained: “One major issue in the import industry is the exchange rate between the dollar and the cedi. For example, you might have GHS 20,000 for import duties, but by the time you reach the port, the dollar has risen, forcing you to find more cedis to clear your goods.”
He further emphasized how this uncertainty affects pricing across the market, with importers setting their own prices for goods due to fluctuating import duties.
“In light of the cedi’s instability, this unpredictability in import duty costs leads to varied pricing. But from 2025 onwards, under the next chapter of the NPP, import duties will be charged in cedis and reviewed quarterly. This measure aims to stabilize import duties,” Frimpong concluded.
