Seasoned Journalist, Kwesi Pratt Jnr., has shared concerns with the Ghana Union of Traders Association (GUTA) about fears over imminent collapse of local businesses due to the cedi depreciation and other related market forces.
GUTA has threatened to embark on demonstration against the government over the free fall of the local currency against foreign currencies, chiefly the US Dollar.
The President of GUTA, Dr. Joseph Obeng, in an interview published by the Insight newspaper stated. "the exarcerbating tension that is coming from the trading Committee is huge . . . They believe that if nothing is done about their businesses, their businesses are going to collapse in perpetuity so they are calling for a serious deomnstration".
He feared local businesses will crash to the ground should the cedi keep depreciating.
"Businesses have reached a situation where their survival is seriously threatened", so they are "calling on the government, as a matter of urgency, to reconvene the Foreign Exchange Committee that was set up a few years ago by the Finance Ministry which involved all relevant stakeholders, to help find an immediate solution", he further said in a press release.
Reacting to the GUTA grievances, Mr. Pratt also asked what the government is doing to salvage the local businesses and to whip up interest in local products.
He wondered why Ghana still imports commodities that can be manufactured in the nation by local producers and manufacturers.
"What technology do we use to manufacture handkerchief that Ghana has to import handkerchief? When you take chewing stick and take day nursery kids to pick up a kitchen knife and carve out toothpicks, can't they do it? But we also import toothpick," he exclaimed.
Adding that Ghana also imports "guinea fowls from Denmark", he asked "how will your currency be stable?"
Mr. Pratt called for strict measures to improve the local market and discourage imports.
Source: Ameyaw Adu Gyamfi/Peacefmonline.com/Ghana
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Kwesi Pratt should not expect government to do or initiate everything the private sector must do. Kwesi, stop sitting in your arm chair, always criticising government and talking plenty. Since the 4th Republic started and even prior to that these problems and opportunities have been there. Kwesi show some maturity and love for Ghana and our youth - do some advocacy work, get the youth to start import substituting small and medium firms to produce toothpicks, source venture capital, etc. Then everybody will see your patriotism. You only complain when NPP is in power. Where were you when Rawlings, Mills and Mahama's NDC governments could not do some of these things? Which factories did Rawlings, Mills and Mahama set up? Certainly NPP always sets up several. Your Rawlings only managed to destroy many factories that were running in Acheampong's days. As it is you sound biased and hypocritical.
When did we start importing them. Mr Pratt is making it sounds as if it started during AKuffu Addo’s presidency. It is what it is because of our mentality and attitude towards ourselves.Here in the UK, Ghanaians would prefer to buy Ghana foods in an Asian shops to Ghanaians shops though the prices are almost the same.