{"id":182536,"date":"2024-05-15T10:22:36","date_gmt":"2024-05-15T10:22:36","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/05\/15\/cedi-fall-duties-on-imported-cars-paid-in-dollars\/"},"modified":"2024-05-15T10:22:36","modified_gmt":"2024-05-15T10:22:36","slug":"cedi-fall-duties-on-imported-cars-paid-in-dollars","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/05\/15\/cedi-fall-duties-on-imported-cars-paid-in-dollars\/","title":{"rendered":"Cedi fall: Duties on imported cars paid in dollars"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Importers of second-hand cars in Ghana are encountering a substantial financial hurdle due to the government\u2019s policy of levying import duties in US dollars.<\/p>\n<p>Eric Boateng\u00a0the president of the Automobile Dealers Union, highlighted the impact of this practice on the car import business.<\/p>\n<p>In an interview with Bernard Avle on the <em><strong>Citi Breakfast Show<\/strong> <\/em>on Wednesday, May 15, Mr. Boateng explained that while the prices of certain cars remain consistent on the international market, the imposition of duties at the port, especially in dollars, significantly impacts the car business in the country.<\/p>\n<p><span data-preserver-spaces=\"true\">\u201cEven the COVID\u2026 they said there is no more COVID but we are paying COVID levy, COVID transfer levy, network charges, and<\/span><span data-preserver-spaces=\"true\">\u00a0<\/span><span data-preserver-spaces=\"true\">a lot of<\/span><span data-preserver-spaces=\"true\"> import duties we are paying currently. Our currency is in Cedis <\/span><span data-preserver-spaces=\"true\">but<\/span><span data-preserver-spaces=\"true\"> if you import the car from maybe Canada, Korea or Dubai, the government of Ghana will convert the duties into dollars for you to pay.<br \/><\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201c\u2026 So, if you buy a car from the USA for about $1000 and you bring it to the port, you will end up paying<\/span><span data-preserver-spaces=\"true\"> five <\/span><span data-preserver-spaces=\"true\">times that in dollars,\u201d he stated.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Meanwhile,\u00a0<\/span><span data-preserver-spaces=\"true\">the practice of<\/span><span data-preserver-spaces=\"true\">\u00a0charging import duties in dollars contradicts the provisions of the Foreign Exchange Act of the Bank of Ghana, Act 2006 (Act 723), which prohibits unauthorised dealings in foreign currency by the public.<\/span><\/p>\n<p>Currently, a dollar is selling at GH\u00a214.90 on the forex market, which is significantly up from the GH\u00a210.97 it was sold for the same period in May 2023.<\/p>\n<p>Bloomberg reports that the Cedi\u2019s depreciation is being exacerbated by a decline in cocoa earnings as exports fell by about $500 million in January and February 2024 due to poor weather conditions and the swollen shoot disease.<\/p>\n<p>The Bloomberg report added that the current depreciation depicts the Cedi\u2019s record-breaking weakening cycle that has left analysts to forecast worse times for the currency over elevated risks of election-year funding and stalled debt deals.<\/p>\n<p>Fitch, however, forecasts that the Cedi will end 2024 at GH\u00a212.25 to a dollar.<\/p>\n<hr\/>\n<p><em><strong>Explore the world of impactful news with CitiNewsroom on WhatsApp!<\/strong><\/em><\/p>\n<p><em><strong>Click on the link to join the Citi Newsroom channel for curated, meaningful stories tailored just for YOU:\u00a0https:\/\/whatsapp.com\/channel\/0029VaCYzPRAYlUPudDDe53x<\/strong><\/em><\/p>\n<p><em><strong>No spams, just the stories that truly matter! #StayInformed #CitiNewsroom #CNRDigital<\/strong><\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Importers of second-hand cars in Ghana are encountering a substantial financial hurdle due to the government\u2019s policy of levying import duties in US dollars. Eric Boateng\u00a0the president of the Automobile Dealers Union, highlighted the impact of this practice on the car import business. In an interview with Bernard Avle on the Citi Breakfast Show on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":182537,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-182536","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cedi fall: Duties on imported cars paid in dollars - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/05\/15\/cedi-fall-duties-on-imported-cars-paid-in-dollars\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cedi fall: Duties on imported cars paid in dollars - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Importers of second-hand cars in Ghana are encountering a substantial financial hurdle due to the government\u2019s policy of levying import duties in US dollars. Eric Boateng\u00a0the president of the Automobile Dealers Union, highlighted the impact of this practice on the car import business. 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