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Committee On Trade engages key stakeholders on impact of cedi appreciation
The Committee on Trade, Industry, and Tourism has engaged key stakeholders within its purview to discuss the impact of the appreciation of the cedi on the prices of goods and services in the country.
The Chairman of the Committee, Alexander Roosevelt Hottordze noted that, the cedi’s relationship with the dollar affects most indicators for determining the prices of goods and services in the country since most of the raw materials used by local businesses are imported.
“Even though we have oil, the fuel sold by the Oil Marketing Companies in the downstream are mainly imported, as a result, changes in the exchange rates affect these items” he stated.
Commenting on issues at the port, the Chairman indicated that, the Ghana Institute of Freight Forwarders has accused shipping lines and agents of charging unauthorized fees, including container administrative fees, processing fees, evacuation fees, container washing fees, and demurrage charges applied on weekends and public holidays.
“As a committee, our mandate is to enquire into matters affecting trade and industry towards easing the cost of doing business in Ghana and making Ghana an investment hub,” he added.
In his presentation to the Committee, the President of the Ghana Union of Traders Association (GUTA) Mr. Joseph Obeng noted that, prices on certain items on the market have been reduced.
He however pleaded with the government through the Committee to ensure the stability in the exchange rate for consumers to continually enjoy reduction in prices.
The Committee also interreacted with representatives from the Association of Ghana Industries, Importers & Exporters Association of Ghana, Pharmaceutical Manufacturers Association of Ghana, Ghana Institute of Freight Forwarders and Shipowners and Agents Association of Ghana.
The Committee is expected to meet the Ministry of Trade, Industry, and Tourism before presenting its report on the floor of the House.
President John Dramani Mahama has visited the Akosombo Dam to assess the impact of a fire incident at a substation operated by the Ghana Grid Company.
The fire is reported to have caused the loss of more than 1,000 megawatts from the national power grid, affecting electricity supply in parts of the country.
During the visit, he inspected ongoing restoration works and received briefings from engineers on efforts to restore power. He commended them for what he described as a swift and professional response to the situation.
According to him, the government remains committed to restoring stable electricity supply as quickly as possible.
He added that steps are also being taken to strengthen the resilience of Ghana’s energy infrastructure to prevent similar incidents in the future.
The Ghana Grid Company has not yet provided a detailed timeline for full restoration, but work is ongoing to bring affected systems back on stream.
By: Jacob Aggrey
Ghana’s Finance Minister, Cassiel Ato Forson, says he and his deputy have publicly filed their annual tax returns to demonstrate leadership and encourage compliance among citizens.
In a facebook post, he explained that the move was meant to show that public officials must lead by example when it comes to fulfilling civic duties.
“Leadership must be demonstrated, not declared,” he said.
He commended Ghanaian taxpayers for their continued contribution to national development, noting that tax compliance plays a key role in sustaining government activities.
According to him, paying taxes is both a legal and moral responsibility. He stressed that all citizens, including public officials, professionals, and businesses, are equal before the law and must meet their tax obligations.
He added that tax revenue is essential for funding key sectors such as education, healthcare, infrastructure, and security.
The minister praised the Ghana Revenue Authority for its work, especially during the ongoing Tax and Good Governance Month in April. He said the initiative helps to educate the public and promote voluntary compliance.
He urged the authority to intensify public education and continue reforms aimed at simplifying tax processes, reducing compliance costs, and improving transparency.
He further encouraged individuals and businesses that are yet to file their returns to do so promptly, adding that support systems and digital platforms are available to assist them.
He said building a strong tax culture would strengthen the country’s economy, improve accountability, and promote fairness in society.
By: Jacob Aggrey
