(MENAFN- Bangladesh Monitor) Dhaka: The International Air Transport Association (IATA) cautions Ghana to not prevent the repatriation of profits by its member airlines.
IATA warned Ghana to feel the need to resist the temptation of such an action because of its potential impact on the profitability of airlines. Such a move would also impact the country's attractiveness to international investors.
There are reports about Ghana planning to follow in the footsteps of Nigeria which has blocked multinationals including international airlines from repatriating their profits.
Reports added the government was planning to introduce a fresh policy to restrict access to foreign currency for imports as well as block investors seeking to repatriate their profits from doing so as part of a broader bid to halt the fast depreciation of the local currency.
IATA maintained that any imposition of such policy may derail gains made by the country in the aviation industry over the years.
The Regional Vice-President of IATA in-charge of Africa and Middle East (AME), Kamil Al-Awadhi, at the fourth Aviation Ghana Stakeholders Breakfast Meeting in Accra, observed that any attempt to impose a policy of such nature may do Ghana more harm than good.
Consequently, he commended the government and the Bank of Ghana (BoG) for the exemplary way by which it was managing the repatriation of airline funds despite the economic challenges faced by the country.
Al-Awadhi also called on Ghana to follow the International Civil Aviation Organisation's (ICAO) process of increasing airport charges.
“Ghana must also resist the appetite of increasing charges without following the ICAO principles; such increases can lead to the erosion of Ghana's competitiveness as a destination,” he said.
MENAFN06022023000163011034ID1105528051
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.