- Dr. Bawumia's unwavering commitment to enhancing port efficiency and business competitiveness reflects a proactive approach towards fostering sustainable economic growth in Ghana
- Dr. Bawumia emphasized the implementation of fixed exchange rates to ease the burden of forex fluctuations on traders
- This move not only aims to simplify the process for traders but also ensures that port duties remain competitive compared to neighboring countries.
Flagbearer of the New Patriotic Party, Dr. Mahamud Bawumia, has reiterated his dedication to improving the business environment at ports by introducing fixed exchange rates, aimed at easing forex challenges encountered by traders. This move, he emphasized, would also help prevent the loss of port traffic to neighboring nations.
Addressing participants at a town hall meeting with representatives from the Pharmaceutical Society and other Pharma Groups, the Vice President stressed the importance for businesses, including those within the pharmacy sector, to develop a competitive advantage to spur economic development.
Dr. Bawumia outlined plans to revamp the duty structure, transitioning towards a flat specific duty system. This approach aims to provide clarity for traders regarding their financial obligations, removing uncertainties related to exchange rate fluctuations.
Furthermore, he pledged to ensure that port duties remain competitive compared to neighboring ports, particularly Lome, to discourage container diversion.
During discussions on the sidelines of the meeting, Dr. Kow Donkor, President of the Pharmaceutical Society of Ghana, expressed optimism that the concerns voiced by society members would be effectively addressed, offering relief to its constituents.
Dr. Donkor highlighted the significance of stable pricing for pharmaceutical products, emphasizing the need for special funding rates from the central bank to support importers and manufacturers in the pharmaceutical sector, ultimately contributing to price stability and national security.
