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30.04.2015 Business & Finance

Impact of Import Tariffs on Auto Industry

By Kelvin Kenneth
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Import tariffs have a great potential of halting operations and transactions at the ports and harbors across countries if they are to increase uncontrollably. Fortunately, they haven’t changed significantly over the shores of Ghana. The rates at which goods and commodities are being imported have been calm over a number of years and counting.

On the contrary, the cedi has and keeps depreciating against the foreign currencies which in effect demands more of the cedi in exchange. This paints an incremental picture of the import tariffs which eventually suggests an increase in the price of cars being imported by auto dealers across board. According to tema car dealers, royal car port and a few other dealers, online auto marketers such as Carmudi Ghana and the like provide support in pushing sales of their fleet to an appreciable and recognized direction which yields undeniable results. All in all, it’s the cedi that depreciates against the foreign currency therefore more cedi required for the same amount of foreign currency, being it dollar or pound and not the rate of import tariff increasing.