Sanction GPHA And Shipping Lines For Defying BoG Orders On Dollar Charges- AGI

The Association of Ghana Industries (AGI) has entreated the Bank of Ghana (BoG) to severely punish institutions flouting directives against charging fees in US dollars.

AGI has cited the Ghana Ports and Harbours Authority (GHPA) and some shipping companies as culprits who must face severe sanctions to serve as deterrence in order to tame the depreciation of the cedi that has dire consequences on the economy.

The cedi suffered a huge loss in value to the US dollar up to about 45%, the most among 148 currencies tracked by Bloomberg in October 2022.

To address the free fall of the cedi, the BoG issued a directive to firms to stop pricing goods, services and payments in dollars.

This was expected to reduce the demand for dollars as the government implements long-term measures to curtail further depreciation of the cedi.

Speaking on the 2023 Pre-Budget statement, AGI President Dr. Humphrey Ayim-Darke, said billing clients in dollars will weaken the strength of the cedi and will further derail efforts by the government to address the situation.

“We do not understand why GPHA charges its rate in dollars. It is against the BoG rule and, therefore, that agency must be brought to book,” Dr, Ayim-Darke said in an interview monitored by The Ghana Report on Joy News.

“Their current fees are all in dollars. Why should it be the case?” he queried.

He blamed shipping lines for engaging in similar infractions.

“The shipping lines are also part of the agencies complicating the efforts of the government in stabilizing the Ghana Cedi for Ghanaians,” he noted.

The depreciation of the Ghana Cedi has increased the cost of living in Ghana as prices of goods and services have shot up astronomically.

Ghana depends heavily on imported goods and the weak cedi has made it difficult for traders to sell the same volumes previously.