Our businesses are bleeding – GUTA - www.asempanews.com

GUTA in a statement called on the government, as a matter of urgency, to reconvene the Foreign Exchange Committee that was set up a few years ago by the Finance Ministry which involved all relevant stake holders, to help find immediate solution.

The association blamed the government of failing to take due advantage of the country’s National Investment Laws, especially on foreign retail trade and wholesale to tighten imports.

We want to call the attention of the Government to the fact that depreciation of the cedi against other major trading currencies is getting out of hand, and the increase in the monetary policy rate is also leading to high lending rate in the country.

By this statement, we are calling on the Government, as a matter of urgency, to reconvene the Foreign Exchange Committee that was set up a few years ago by the Finance Ministry which involved all relevant stake holders, to help find immediate solution.

Here we think that the government has failed to take due advantage of our National Investment Laws, especially on foreign retail trade and wholesale to tighten imports.

We, therefore suggest that since they do not bring in physical cash to invest but rather resort to dumping and repatriate our hard-earned foreign exchange as a country, the investment law should be amended to make them deposit their capital fund here in Ghana to make their transfers.

We herein suggest that the Government should device an effective method to schedule this repatriation in a staggered manner over a reasonable period, apart from revising the investment law to ensure that investments in all these profitable and juicy areas have some reasonable equity for retention in Ghana rather than the current situation where these companies consume all our foreign exchange earnings.