Vice President pledges Port reforms amid container diversion concerns
Vice President Mahamudu Bawumia of Ghana has voiced concerns over the diversion of containers to Togo’s port in Lome due to higher port duties in Ghana.
Speaking at a town hall meeting with the pharmaceutical industry, he pledged to enhance the business-friendliness of Ghana’s ports by implementing fixed exchange rates aimed at alleviating forex pressure faced by traders.
Dr Bawumia, also the flagbearer of the governing New Patriotic Party, vowed that if his government wins the December election, they will ensure that port duties in Ghana are not higher than those in Lome, which serves as a direct competitor highlighting the current trend of container diversion to Lome as evidence of the issue at hand.
Furthermore, he outlined plans to reform the duty structure by implementing a flat specific duty system. Under this system, the duty for containers would be predetermined, eliminating fluctuations caused by exchange rate variations. This move aims to provide traders with greater predictability and stability in their business operations.
Addressing concerns raised by the President of the Pharmaceutical Society of Ghana, Dr. Kow Donkor, Dr Bawumia emphasized the importance of safeguarding the pharmaceutical industry. He acknowledged the critical role of the industry in national security, particularly concerning the availability and affordability of medicines.
Dr. Donkor also speaking at the event, stressed the necessity for special measures to support pharmaceutical importers and manufacturers, akin to those provided to the oil industry by the Bank of Ghana. He proposed that making funding available at a special rate would help stabilize prices and ensure the availability of essential medicines.
The pledges made by Vice President Bawumia underscore the government’s commitment to addressing the challenges faced by businesses, particularly in key sectors such as pharmaceuticals.
