Dennis Amfo Sefa, the President of the Chamber of Freight and Trade, has expressed his views on the persistent issues surrounding elevated import prices, despite the recent appreciation of the Ghanaian Cedi against the US Dollar.
During his appearance on the Citi Breakfast Show on Wednesday, Amfo Sefa responded to the increasing public demand for importers, especially those in the Spare Parts Dealers Association, to lower their prices.
He noted that traders are hesitant to reduce prices because their existing inventory was purchased at a much higher exchange rate, making it impractical to sell at lower prices now.
Additionally, the situation is exacerbated by reported discrepancies in the application of exchange rates at the ports. Some importers assert that while the Bank of Ghana (BoG) sets the Cedi at approximately GHC13 to $1, Customs officials at the ports utilize an exchange rate of GHC15 to $1.
However, Amfo Sefa clarified that Customs follows the official rates established by the Bank of Ghana. ‘No one can claim that Customs is using a different rate.
If you examine the Integrated Customs Management System (ICUMS), you will find rates that align with those published by the BoG — around GHC12.1 or GHC13, never exceeding that,’ he stated.
According to him, the primary issue lies with private operators at the ports, particularly shipping lines, which apply their rates for calculating demurrage and other fees.
‘The shipping lines are not required to adhere to the BoG rate. Some utilize interbank rates from their respective banks, while others fix a rate and reassess it monthly. This lack of consistency poses significant challenges for importers,’ he remarked.
He also criticized the Ghana Shippers Authority for not adequately addressing these practices, stating, ‘We have raised concerns for years, yet the Ghana Shippers Authority has not taken sufficient action. Shipping lines are allowed to operate without regulation, which is detrimental to business.’
