We Support Govt’s Decision on Foreign Exchange Restrictions – GUTA President

Report by Nana POKU
The President of Ghana Union Traders Association Dr. Joseph Obeng has thrown his weight behind Bank
of Ghana's decision to withdraw the allocation of Foreign Exchange for the importation of certain specifics
items like Rice, Vegetable Oil, Tooth Pick, Poultry Products, etc into the country.
Speaking on a phone to this reporter the GUTA President postulated that that is the only way given our
current economic crisis.
" When we met the Parliamentary Select Committee on trade in parliament and we all ascribed to
finding a solution to the rapid depreciation of the Cedi and therefore we all fell for it. As it is, drastic
solutions are needed in times like these," he said.
However, he advised that clear timelines must be given to the traders for these items to shore be
able to pay their creditors and bankers to avoid economic catastrophe for their businesses.
" Some people have already imported these items on the high seas awaiting delivery and clearance so they
need some time to do that and government must hasten slowly to avoid artificial shortages of these items
because they need time to dispose of these items, he posited "
Dr. Obeng advocated for a vigorous industrialization posture to fill the gaps this directive will have on the
economy since the forces of demand and supply will come to play here as a result of envisaged
shortages.
" The government must as a matter of urgency migrate the affected traders into other production arenas to
keep them in business to ensure their survival. This must reflect in financial and other enablements for
them to find them quick alternatives," he advised.
He agreed that filling the importation gaps may take time and this will let the forces on the market
experience price hikes but it may be temporal if conscious efforts are made to fill the gaps on time. He
strongly emphasized that there is no time to play around since this is a major turnaround.
Again he called on the government to seal the borders to avoid slippages through smuggling, hoarding, and profiteering during these difficult times. He subscribed to the notion that such a step is quite an arduous
one but with the determination, understanding, and support of the citizens it can be done.
" We cannot go on like this to collapse the economy and this is a bold decision that we all have to
acquiesce into but the onus lies on the government to fill the artificial gaps through a massive
industrialization drive.
" We must all eat whatever grows and grow what we eat, that is the only way out to give the Cedi a
breather,” he stated.
He, therefore, urged the government to fully implement the decisions they all arrived at to put the economy
back on track.
He promised that traders will do their part and they also expect the same from the government to have a
good balancing act.