The Executive Secretary of the Food and Beverage Association of Ghana (FBAG), Sam Aggrey, has strongly criticized Ghana’s import tax regime, claiming it is a major driver of the cedi’s depreciation and mounting pressure on local businesses.

Speaking on JoyNews’ PM Express on Thursday, July 3, 2025, Mr. Aggrey said that although the Bank of Ghana has reported slight gains for the cedi, those improvements are not being felt by businesses on the ground.

Also Read: AI Will Replace 90% of Jobs by 2030: Here’s Why: The Complete 2025 Guide (From Real Experience)

“Dollar depreciation is not being felt at all,” he said. “From ¢3.80 to ¢16 per dollar—businesses have lost billions. And now that it’s trying to recover, the damage has already been done.”

Port Taxes Blamed for Currency Crisis

Aggrey revealed that the cedi’s collapse was primarily due to excessive taxes at the Tema and Takoradi ports, where over 21 different taxes are imposed on single items.

“When duties go up due to new taxes, importers are squeezed, and that affects the currency. It’s all connected,” he explained.

He also recalled a warning issued to Ken Ofori-Atta, former Finance Minister, over the cancellation of the benchmark value discount, saying the decision worsened the cedi’s fall.

Call for Tax System Overhaul

The FBAG boss urged the government to completely overhaul the current tax regime, calling it unsustainable and unfair.

Also Read: Why 2025 is the Worst Year for Social Media (Controversial Take): The Complete 2025 Guide (From Real Experience)

“We want taxes reduced and harmonized. Right now, one item faces as many as 21 levies. It’s killing us,” he warned.

Aggrey believes meaningful reform is the only way the private sector can survive and contribute to Ghana’s economic recovery.

Conclusion

As Ghana’s inflation and exchange rate volatility persist, industry leaders are pushing for decisive action. The Food and Beverage Association’s call to reform import taxes adds urgency to a debate that directly affects national productivity, jobs, and investor confidence.

“Fix the tax system, or watch the economy collapse,” Aggrey concluded.

INFOGRAPHIC SUMMARY (For Website or Instagram)

Title:
What’s Fueling the Cedi’s Decline?

Top Reasons (According to FBAG)

• Cedi fell from ¢3.80 to ¢16 per USD

• 21+ Taxes on Imported Goods

• High Import Duties at Ports

• Elimination of Benchmark Discounts

• No tangible relief despite cedi’s recovery

What FBAG Wants:
Immediate reduction in port levies
Full tax reform
Policy consistency
Support for local industry

Key Quote:

“If importers can’t breathe, the economy can’t grow.”

SOCIAL MEDIA CAPTION (For Facebook, LinkedIn, X)

“Ghana’s tax system is suffocating businesses!” – Sam Aggrey, Executive Secretary of the Food and Beverage Association of Ghana, blames high import taxes for the rapid fall of the cedi.

He calls for urgent tax reform to rescue the economy and restore investor confidence.

Watch his full remarks on JoyNews’ PM Express