The President of the Ghana Union Traders Association(GUTA), Doctor Joseph Obeng has replied Economist, Doctor Sampson Anomah’s view of them as an Association being over-empowered.
In an interview with Bohyeba Afriyie on plan B Fm’s Ebanoosen , Doctor Joseph obeng accepted the fact that importation is a contributing factor to the depreciation of the cedi but went ahead to defend that importation is just one of the factors and listed some other factors as, Ghanaians who school abroad transact in dollars, corruption also causes the cedi to depreciate because mostly monies made illegally is not saved here in the country to avoid trace.
He added that, most of the business tycoons here in Ghana are expatriate and always send their profits back to their country, simply Ghanaians transact mostly in Dollars causing it to be scarce and the more it becomes scarce the more powerful it becomes.
He also listed some of the solutions as the Government giving a limit to the amount of money that can be sent out of the country.
Mr. Obeng also intimated that, more export than import is the best solution if Ghana becomes self sufficient in the manufacturing of raw materials since most businesses buy from China. He believes business should also transact in the Chinese yang.
He also pointed out that importation is the staging pole of manufacturing and it is them the importers who venture in to manufacturing.
He concluded that Doctor Sampson’s analysis is questionable because he has an entrenched position , he is just inciting the public against traders and is not being practical.
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