• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

IEAG bemoans new exchange rates for port duties

3 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News, Maritime, Trade
2 min read
0 0
0
84
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

IEAG bemoans new exchange rates for port duties

The Importers and Exporters Association of Ghana (IEAG) has described as appealing the decision of the Customs Division of the GRA to review upwards the exchange rate for port duties.

The upward review of the exchange rate from GHS 8.29 to GHS 9.54 for import duties, the IEAG notes, will result into further increment of cost of goods and services for the Ghanaian populace.

 “We as an association find this sudden adjustment by Customs as appalling, because, some freight Forwarders (clearing agents) have produced documented evidence alluding to the fact that, they had to pay about 25,000ghc extra on duties due to the abnormal increment in the exchange rate.

“Some even had to pay in the excess of 107,613ghc from an initial duty of 78,567ghc, while others had to pay a whopping 102,181.08ghc for an initial duty of 88,446.09ghc,” said the IEAG in a statement issued on Wednesday, September 28, 2022.

“With Ghanaians already feeling the brunt of the increment in prices of goods and services, it is worth noting that, there could be more hardship in the coming days if nothing is done to address the situation since Importers will equally pass on these incurring debts to the ordinary consumer,” the IEAG added.

The IEAG notes that, the new exchange rate for import duties is set to take effect from Monday, October 3, 2022.

RelatedPosts

Government Orders Flags at Half-Mast as Nation Mourns Defence, Environment Ministers & Others in Helicopter Crash

Defence Minister and Environment Minister Among 8 Confirmed Dead in Military Helicopter Crash

Serie A Players Face 25% Pay Cut if Relegated Under New Agreement

Peruse details of press statement below:

PRESS RELEASE BY THE IMPORTERS AND EXPORTERS ASSOCIATIONOF GHANA (IEAG)

NEW EXCHANGE RATES FOR PORT DUTIES COULD WORSEN HIGH COSTS OF GOODS AND SERVICES

The Importers and Exporters Association of Ghana is saddened by a recent development at the country’s ports, which if not addressed could worsen the already hardships being witnessed with regards to Goods and Services.

It’s alarming to note that, Import duties at the country’s ports have skyrocketed at an abnormal rate, leaving Importers with huge debts due to payment of import duties.

It is worth noting that, there have been huge differences in import duties and taxes at the port in the last 72 hours due to some differences in the exchange rate pegged by the Customs Division of the Ghana Revenue Authority.

As of Tuesday the 27th of September 2022, an exchange rate of 8.2938 has been pegged at 9.5462, which will be due for adjustment on Monday the 3rd of October 2022.

We as an association find this sudden adjustment by Customs as appalling, because, some freight Forwarders (clearing agents) have produced documented evidence alluding to the fact that, they had to pay about 25,000ghc extra on duties due to the abnormal increment in the exchange rate. Some even had to pay in the excess of 107,613ghc from an initial duty of 78,567ghc, while others had to pay a whopping 102,181.08ghc for an initial duty of 88,446.09ghc.

We asked, what informed the recent upward adjustment in the exchange rate by customs, given the fact that the cost of goods and services is on the ascendancy.

With Ghanaians already feeling the brunt of the increment in prices of goods and services, it is worth noting that, there could be more hardship in the coming days if nothing is done to address the situation since Importers will equally pass on these incurring debts to the ordinary consumer.

We urge authorities to as a matter of urgency, adopt pragmatic measures to ensure these abnormal costs being incurred by Importers, freight Forwarders, and Traders are mitigated to serve the interest of the country at large.

Sgd

………………

Samson Asaki Awingobit

Executive Secretary

0243575046

Tags: Customs DivisiongraIEAGIEAG bemoans new exchange rates for port duties
No Result
View All Result

Highlights

Osaka and Keys Advance to Quarter-Finals at Canadian Open

Ghana Armed Forces Helicopter Crashes in Adansi Akrofuom, 8 Feared Dead 

Cedi Appreciation Triggers 50% Drop in Remittance Inflows

Inflation Drops 160 basis points to 12.1% in July, Lowest Rate Since October 2021

Kwaku Azar Writes: Is Another SML Brewing at GACL?

GRA Refutes NIA’s Debt Claims, Cites Lack of Regulatory Approval and Service Agreement

Trending

Features

Government Orders Flags at Half-Mast as Nation Mourns Defence, Environment Ministers & Others in Helicopter Crash

August 6, 2025

Government Orders Flags at Half-Mast as Nation Mourns Defence, Environment Ministers & Others in Helicopter Crash Ghana...

Defence Minister and Environment Minister Among 8 Confirmed Dead in Military Helicopter Crash

August 6, 2025

Serie A Players Face 25% Pay Cut if Relegated Under New Agreement

August 6, 2025

Osaka and Keys Advance to Quarter-Finals at Canadian Open

August 6, 2025

Ghana Armed Forces Helicopter Crashes in Adansi Akrofuom, 8 Feared Dead 

August 6, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.