‘Ghanaian cedi being spirited away, needs to be stabilised to boost industrialization’ — GUTA

Business & Finance Dr. Joseph Obeng, President of the Ghana Traders Union
Dr. Joseph Obeng, President of the Ghana Traders Union

The Ghana Union of Traders Associations (GUTA) has called on authorities to stabilise the cedi, which it says is posing a major threat to the development of Ghana's industrial sector.

In a meeting with independent presidential candidate Cheddar, GUTA President Dr. Joseph Obeng stressed that "if there's no stability in your currency, you cannot even industrialize because the products of your industry is not going to be competitive."

Dr. Obeng noted the cedi has crossed the 15 to the US dollar threshold, meaning exports have become increasingly expensive on global markets while imports flood the local market.

“Our capital is being spirited away," the GUTA president said.

Unless addressed, a volatile cedi "now we have crossed the threshold of 15 cedis to a dollar", according to GUTA, will deter investment in local manufacturing and undermine efforts to develop Ghana's industrial capabilities.

“Our tax and duty system be simplified and thrown down to the barest minimum to make tax payment affordable," said Obeng, which will in turn boost compliance.

This comes after Cheddar had said he “wants to infuse industrialization into your trading, so that many items you now go to China to buy can be made here.”

Meanwhile, stabilising the cedi and rationalizing Ghana's tax regime, according to GUTA, are urgent national imperatives if the country hopes to build globally competitive industries, deepen self-reliance, and empower local entrepreneurs and traders.

Isaac Donkor Distinguished
Isaac Donkor Distinguished

News ReporterPage: IsaacDonkorDistinguished