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Eddie Kwesi Ankomah of Errata Motors has welcomed the reduction in import duties announced by Vice President Dr Mahamudu Bawumia.

However, he claims the reduction cannot be sustained if the exchange rate is not looked at.

"If the dollar keeps going up, the reduction will be insignificant," according to him.

Dr Bawumia addressed a section of the public at a town hall meeting organized by the Economic Management team, yesterday.

One takeaway from his speech is the 30 and 50 percent reduction in import duties; a statement that was welcomed with thundering jubilation.

Speaking in an interview on Peace FM's morning show ‘Kokrokoo’ programme, Mr Ankomah said even though the reduction is good news and will help importers, “if another party comes and the dollar goes up, there will be no change."

According to him, “if we don’t look at the dollar rate, it will come back to zero . . . the exchange rate will always expose the fundamentals of the economy; 30 percent is good but if the exchange rate is not looked at, it will come to nothing.”