President of the Ghana Union of Traders’ Association (GUTA), Dr. Joseph Obeng, says the country’s currency can be made stronger if it revises its investment laws.
He revealed Ghana’s economy, particularly the juiciest areas are being dominated by foreigners who at the end of the day repatriate their profits back to their countries, weakening the Ghana cedi.
“If we don’t revise our investment laws and ensure a fund retention policy and make sure we keep some of the monies here, then all our work will be in vain and we need to also introduce some homegrown policies,” Dr. Obeng expressed in an interview with Happy98.9FM’s Don Kwabena Prah on the ‘Epa Hoa Daben’ political talk show.
According to him, the Ghana cedi can never be strong if it remains import driven.
He revealed the Russian-Ukraine conflict presents an advantage to Ghana. “Importation has become a challenge and we are now wobbling in food shortages because of the Russia-Ukraine crisis.”
The businessman called for the government to put in place a conscious effort to increase productivity and add value to raw materials. “With Ghana suffering a shortage of flour because of the Russia-Ukraine conflict, we can improve on our research and find ways of making flour with potatoes and cassava.”
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