Abbosey Okai Spare Parts Dealers Association welcomes Alan Kyerematen’s fixed import duty proposal

A proposal to introduce a fixed import duty on spare parts by Independent Candidate and leader of the Movement for Change, John Alan Kwadwo Kyerematen, has been welcomed by the leadership of the Abbosey Okai Spare Parts Dealers Association.

Alan Kyerematen has pledged to implement a fixed import duty initiative within the first six months of his administration if elected in the upcoming December 7 general elections.

The Association in a statement dated Sunday, March 3, 2024, commended the independent candidate for his commitment, emphasizing that the initiative by Mr. Kyerematen will significantly contribute to the growth of the spare parts dealership sector within the economy.

“As Association we hold in high esteem his decision to make the duties on the importation of spare parts free after sealing the revenue loss loopholes at the ports after two years of his administration.

“The proposed fixed rate, according to the Association, holds the potential to bring stability and prosperity to its members,” the statement added.

Expressing optimism about the positive impact of this proposal, the Association believes that the implementation of a fixed rate will serve as a game-changer in the sector.

“This move is expected to empower importers, allowing for better planning and ensuring stable prices for commodities,” it said.

Moreover, the Association acknowledged that such a measure “will not only boost the spare parts dealership sector but will also bring relief to its members”.

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The stability introduced through fixed import duties is seen as a catalyst for fostering growth and sustainability in the industry.

While endorsing Mr. Kyerematen’s proposal, the Association wishes him success in his electoral aspirations.

Meanwhile, the leadership has urged its members to remain calm as they carefully evaluate and consider all proposals presented by presidential aspirants in the ongoing race.

Abossey Okai Spare Parts Dealers Association also reiterated its commitment to “engaging constructively with political candidates” and policymakers for the “betterment of its members and the overall growth of the economy”.

Background

Alan Kyerematen pledged to implement a fixed rate on import duty in his first six months if elected as president.

According to the former Trade Minister, the main challenge spare parts dealers face in the country has always been the high fluctuation in duties on imported goods into the country.

He sympathized with spare parts dealers and their customers over the increase in import duties.

“With this, traders will import products using a fixed rate of exchange for six months. This will help stabilising prices on spare parts and assist the trader in efficient planning,” he said.

He also promised to implement an exchange rate regime that would enable traders to access foreign currency at a fixed rate for six months.