The Chamber of Automobile Dealership Ghana (CADEG) has appealed to the Government of Ghana, the Central Bank of Ghana to maintain a fixed dollar rate for at least six months to increase government revenue.

The constant review of the dollar rate, according to CADEG, is having an adverse impact on the operations of importers whose activities tend to generate revenue for the country.

The chamber made this known when its executives met the newly appointed Sector Commander of the GRA at the Tema Port.

Mr. George Dumenu, the Executive Secretary of the chamber, speaking at the meeting divulged that a fixed rate will enhance the operations of importers and as well ensure regular revenue for the government.

The Executive Secretary called for the consolidation of certain processes at the ports, adding that all agencies should be unified to avoid duplication of functions and the waste of time at the port.

For his part, the National Vice Chairman of the Chamber and owner of Erata Motors, Mr. Eddie Kusi Ankomah remarked that the recent operation by security agencies on imported stolen vehicles had affected the sale of vehicles due to the mistrust on the former.

“We are of the view that, these inspectorate agencies are required to verify all these vehicles and their requisite documents and approve same before we are allowed to pay huge import taxes to the state. It then comes to us as a surprise that these vehicles after going through these checks are now tagged as a ‘Stolen Vehicles’.”
Kusi Ankomah

Mrs. Christiana Adjei, the Sector Commander (Customs Division) Tema Collection, Assistant Commissioner, averred that her outfit is committed to improving efficiency and facilitating trade operations at the port of Tema.

Mrs. Adjei therefore advised the members of CADEG and other stakeholders to report all complaints to her, giving the assurance that her office will partner all trade associations to facilitate trading at the port.

The CADEG delegation was led by Elliott Boateng- the National Chairman, Nana Adu Bonsu- the CEO of NABUS Motors and President of Chamber of Automobile Dealership Ghana.

The maiden engagement with selected major stakeholders in the industry comprised of the Chamber of Automobile Dealership Ghana (CADEG), Ghana Union Traders Association (GUTA), Association of Ghana Industries (AGI), Chamber of Commerce (Burkina Faso), Chamber of Commerce (Mali), Chamber of Commerce (Niger), Trade Advocate Group of Ghana (TAAG) and Cement Distributors Association of Ghana.

Cedi Continues Rise Against Dollar

Amidst CADEG’s concern of the constant review of dollar rate and tightening of foreign exchange intervention by the central bank, the Ghana cedi continued to rise steadily against the US dollar.

Last week, the local currency gained about 2.31% in value against the American ‘greenback’, although the Central Bank reduced its support to the market.

The regulator sold only $5 million on the spot market, while withholding its bi-weekly FX auctions. The cedi closed on Friday, February 10, 2023, at an indicative rate of ¢10.80 to one US dollar on the interbank market.

The cedi gained 0.81% to the dollar to close at a mid-rate of ¢12.35/US$ on the retail market. It also recorded a week-on-week appreciation of 2.35% against the pound and 0.38% to the euro on the retail market.

Some analysts claim that the local currency’s recent performance indicates that Ghana is on course to achieve a successful Debt Exchange Programme which consequently will boost market confidence and positively impact the cedi’s outlook.

This will pave way for an International Monetary Fund programme by the end of the first quarter of 2023.