Bawumia Assures Pharmaceutical Importers of Enhanced Predictability in Port Rates

In a bid to bolster Ghana’s business environment and provide relief to traders grappling with foreign exchange challenges, Dr. Mahamudu Bawumia, the flagbearer of the New Patriotic Party (NPP), has pledged to implement more predictable port rates.

Speaking at a town hall meeting on Thursday, April 4, Dr. Bawumia underscored the critical role of businesses, particularly those in the pharmacy sector, in maintaining competitiveness to foster economic growth.

Addressing members of the Pharmaceutical Society and other Pharma Groups, he outlined measures to ensure Ghana’s port duties remain competitive vis-à-vis those in Lome, Togo.

“We’re going to change the duty structure and go into more of a flat specific duty,” Dr. Bawumia declared, emphasizing the need for transparency and simplicity in the tariff system.

“If you have a 40-footer container, you know how much you are paying in cedis. So, you take the exchange rate out of the matter and deal with it.”

Furthermore, he stressed the importance of aligning Ghana’s port duties with those of Lome to curb container diversion, asserting, “We are also going to make sure that our duties in ports by policy, cannot be higher than in Lome, which is our competitor. And right now, there’s a lot of diversion of containers to Lome because ours are higher.”

Dr. Kow Donkor, President of the Pharmaceutical Society of Ghana, expressed optimism regarding the potential resolution of challenges faced by society members, particularly in terms of access to funding.

He urged the Bank of Ghana to provide special funding rates for pharmaceutical importers and manufacturers, highlighting the critical role of the pharmaceutical industry in national security.

“We know the oil industry; the Bank of Ghana makes available the US dollars for their imports, pharmaceutical industry and medicines are also special items,” Dr. Donkor emphasized. “When you have a shortage of medicines, that becomes a national security issue.”

Acknowledging the significance of stable prices in the pharmaceutical sector, Dr. Donkor emphasized the potential impact of special funding rates in stabilizing prices and ensuring adequate access to essential medicines.