, Mr Joseph Obeng says foreign dominance of Ghana's economy has led to the rise in dollar){kind=link}
The President of Ghana Union of Traders Association (GUTA), Mr Joseph Obeng says foreign dominance of Ghana’s economy has led to the rise in dollar over the Ghanaian cedi.
According to him, the dollar which rose in December and January was supposed to be stabilised by now but due to the Russia Ukraine war, it has not been stabilised, noting that the rise in oil price is also a factor.
Currently, one US Dollar is equivalent to GHC7.6.
This, has alarmed a section of Ghanaians, especially business men and women who use the dollar to purchase their goods and services.
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Speaking on Atinka TV‘s morning show, Ghana Nie with Ekourba Gyasi Simpremu, Mr Joseph Obeng said, “When it gets to December, January or February, the dollar normally goes up, but this year’s own has been different. It may be that the Ukraine war and oil price has contributed a lot to that.”
He added that,”The main reason for the rise in the dollar is the foreign dominance of our economy. For three years now, Ghana records surplus and balance of payment which means that the export that we do is more than the imports for three years now. The cedi should be doing well but if it is not, then other areas must be checked.”
He said the juiciest part of the economy belongs to foreigners and not the country.
Mr Joseph Obeng also said Ghana does not have oil or a stake in it, but only benefits from the taxes on it.
He again said most of the banks belong to foreigners, adding that gold and bauxite are also foreign dominated and at the end of the year, they pack their proceeds and send them to their countries.
Meanwhile, when asked if government could do something about it, he said, “definitely,”.
Ghana| Atinakonline.com| Porcia Oforiwaa Ofori