Despite the rants by the Executive Secretary of Importers and Exporters Association of Ghana on GUTA’s strike suspension, Sampson Asaki Awingobit believes the business industry must confer with the government for solutions to their challenges.
According to Mr Awingobit, the factors responsible for the difficulty of businesses staying afloat in the country are not external hence the need to “go back to our government”.
As it stands, Ghana’s inflation rate has skyrocketed to 31.7% with the cedi having depreciated by over 30%.
The economy has consequently been rated among countries with the highest inflation rates and the cedi named the second worst performing currency after Sri Lanka’s rupee.
The development inevitably has cascading effects on the economic lives of the citizenry who for a long time have been lamenting the high cost of living in the country.
Mr Awingobit identifying some of the causes of the challenges mentioned taxation as a major setback to the growth of businesses saying “since 2017, importers have suffered; a lot of tariffs, duties and taxes have been passed on them”.
The businessman thus objected that foreign companies operating in the country be blamed for the challenges that have bedevilled the economy.
“In Ghana, at what rate are we borrowing? Is it the make of Chinese people in this country that bankers borrow at 40% to the business community or at 35% interest rate to the business community?
“Do you remember that as a country we have signed international treaties that we cannot take any unilateral decision; we cannot ban any of them for not doing business with you?
“Do you remember that there is a Sinohydro loan that the government of Ghana is accessing from China?” he quizzed.
“So you think that tomorrow the Council of State will go to the Ministry of Finance or go to the Presidency to ban South Africa from importing to this country, ban Chinese from importing into the country because GUTA members are complaining? Are they [foreigners] the people who make the cedi depreciation? Are they the ones who make our inflation at 31%?
“We know what the cause is, we have to go back to our government” he added in an interview he granted Angelonline.com.gh
Mr Awingobit made the observation on the back of Ghana Union of Traders Associations (GUTA) suspension of the industrial action they intended to embark on which was slated for Monday, August 29, 2022.
The decision by the leadership of the Union follows their engagement with the Council of State last Thursday, August, 25, 2022.
