Govt to scrap weekend demurrage charges, address FX concerns

Exporters in Ghana may soon receive significant relief. The government is introducing measures to reduce costs that hinder trade efficiency.

Elizabeth Ofosu-Adjare, the Minister for Trade, Agribusiness, and Industry, announced these steps. She aims to eliminate weekend demurrage charges on exporters. These fees are unfair penalties due to delays beyond their control.

At the FirstBank and African IES Exporters Forum in Accra, she reassured stakeholders. Her ministry is collaborating with the Ministry of Transport and the Ghana Ports and Harbours Authority (GPHA). They are reviewing the current policy framework.

“We understand your frustration regarding demurrage fees when ports are closed,” she stated. “Exporters should not be penalized for systemic delays beyond their control.”

The Minister also addressed concerns about arbitrary exchange rates at ports. Traders say these rates create pricing inconsistencies and hinder business predictability. She mentioned that they are working with the Bank of Ghana on this issue.

“Our goal is greater transparency, predictability, and fairness,” she added. This will help exporters plan better.

Victor Yaw Asante, Managing Director of FirstBank, spoke about banks' roles in supporting exports. He noted that credit is important but not the only factor. Documentation, advisory services, and letters of credit are also crucial.

The forum gathered exporters, policymakers, and financiers to discuss boosting trade facilitation. Their aim is to make Ghana more competitive in the global market.