Business News of 2014-07-29

Importers and Exporters demo to hit gov’t

Hundreds of Importers and Exporters are set to hit the streets to demonstrate against high levies at the country’s ports.

Executive secretary of the Importers & Exporters Association, Samson Asaki told Joynews appeals to government over time have fallen on deaf ears hence this morning’s protest.

"All importers be it Kumasi, Sunyani even those in Europe are complaining. They go through a lot of hectic processes. The taxes are too much. Coupled with the Bank of Ghana measures, we can no longer do internal transfers of [foreign currencies]".

The Bank of Ghana announced some measures last February to help halt the free fall in the cedi's value. It directed that all transactions in the country should be conducted in Ghana cedis.

It also stated that cash withdrawals over the counter from foreign accounts shall not exceed US$10,000 or its equivalent in convertible foreign currency.

The Association insists the costly levies coupled with the depreciation of the cedi and the general challenges with the economy may force them out of business.

Source: myjoyonline.com
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