Leader of The New Force, Nana Kwame Bediako has promised to place an embargo on foreigners who have invaded the local markets.
This he believes will prevent the depreciation of the local currency.
Speaking during an interactive of members of the Ghana Union of Traders as part of his manifesto compilation, Nana Kwame Bediako expressed concerns about the free fall of the Ghana cedis as against the Dollar and the need to stabilize the Cedi.
He announced plans to introduce an embargo on foreign goods to protect Ghanaian businesses. This decision follows engagements with the Ghana Union of Traders Association (GUTA) to inculcate their concerns into his manifesto.
He outlined a comprehensive industrialization plan to drive economic growth, create opportunities for the youth, and support local businesses. Stressing the need for innovative business ideas and a shift from the traditional reliance on natural resources.
He highlighted the struggles of local companies facing collapse due to high taxes and promised to implement reasonable tax policies to protect and promote indigenous companies.
The GUTA President, Dr. Joseph Obeng, also highlighted several challenges facing traders and businesses, including high inflation and excessive taxes, which are affecting their operations. He asserted that Ghana can achieve meaningful economic reform only through greater representation of business interests in politics.
“Business leaders have to take over the governance of Ghana in order to stimulate economic growth,” Dr. Obeng declared. He expressed concern over the growing disillusionment within the business community towards mainstream politicians, stating, “People are tired of mainstream politicians. It is time for business-minded people to take over the leadership of this nation.”
Dr. Obeng also noted the high cost of doing business in Ghana, exacerbated by steep taxes and import duties. He warned mainstream politicians that the upcoming election might be their last chance to redeem themselves in the eyes of the business community. “Mainstream politicians should pay attention to conversations going on and take Ghanaians seriously by handling matters of the economy more seriously,” he urged.
Nana Kwame Bediako echoed these sentiments, highlighting the critical impact of economic instability on businesses. “When the currency is not doing well, businesses will not do well. The rising inflation rate is killing businesses,” he said. He called for a governance model that fosters progress and prosperity, advocating for internal wealth creation.
Nana Kwame Bediako lamented that the depreciation of the cedi is a consequence of not creating value within the country. He urged GUTA members to position themselves strategically in the marketplace. “GUTA, start thinking about how you can take the position of the foreign traders here. Let us focus on creating distribution channels. The supply chain will launch us into great wealth.”
“My biggest concern is not just the people suffering but how long they are going to suffer. I don’t know how the next generation will cope if things don’t change. Let the focus shift from enriching foreign nationals in Ghana. We are losing our people to brain drain due to bad policies and it is sad,” he added.
The association over the period led by its president, Dr Joseph Obeng has lamented the cedi’s depreciation which has created a big mess for the business community especially, the trading sector.
The Association believes that the economic crisis, coupled with the ever-rising freight charges from Asia is rendering the cost of doing business unbearable.
The association narrated that the inflationary pressures resulting from the depreciating cedi have pushed the cost of goods through the roof, making it increasingly difficult for businesses to stay afloat.
“The purchasing power of the consuming public has been affected thereby reducing the turnover of businesses”.
Source: Ghana/Starrfm.com.gh/103.5FM/Obed King Gaglo
