Business

GUTA raises red flag over weekly reviewing of exchange rate ahead of 2021 budget reading

The Vice-President of the Ghana Union of Traders Association (GUTA), Mr. Clement Boateng has urged the government to refrain from its weekly reviewing of the exchange rate immediately.
 
Instead, he wants the government to do it quarterly as a matter of priority.
 
Speaking exclusively to Original FM’s Kwaku Owusu Adjei on the Adwenekasa socio-political show on Thursday morning, Mr. Clement Boateng shared his expectations ahead of the 2021 budget presentation.
 
“We expect from government that, the exchange rates that is being reviewed every week should be changed to quarterly [every 3 months], so, if one knows [he/she] will be paying duty of one thousand Ghana Cedis on an item every week, it will definitely change in the next week due to the review of exchange rate and this is really affecting the prices of goods.
 
“Government has done a lot by bringing down the base rate, but it is not trickling down on the commercial rates, and that is difficult for us to understand why the gap is so big,” he lamented.
 
Mr. Boateng added that, “we have had conversations with government on several occasions on this matter, but they are unable to give explanations on why the reviewing is done weekly”.
 
“They previously gave it a try for almost six [6] months and it was very good but we do not know why they stopped and no reasons were given for that too” he said.
 
Mr. Boateng opined that the intervention by government would alleviate the plight of businesses in financing their trade, and would go a long way to give local manufacturers the financial boost needed to augment production.
 
He further urged the media to investigate and know why government is bent on reviewing the exchange rate weekly.
 
2021 Budget
 
President Nana Addo Dankwa Akufo-Addo has designated the Minister of Parliamentary Affairs and leader of government business in Parliament, Mr Osei Kyei-Mensah-Bonsu to read the 2021 Budget Statement in Parliament on Friday, March 12.
 
This is because the nominee as Minister of Finance, Mr Ken Ofori-Atta is still in the United States of America (USA) for a medical review.
 
Mr. Ofori Atta is even yet to go through parliamentary vetting and approval.
 
Since the budget statement is from the President and normally read on his behalf by the Minister of Finance as a convention, President Akufo-Addo has this time in the absence of a substantive Minister of Finance designated Mr Kyei-Mensah-Bonsu, who is the leader of government business in Parliament to read it on his behalf on Friday.
 
The Minister of Information, Mr Kojo Oppong Nkrumah made this known at a press briefing at Peduase Lodge on Monday afternoon, where the Cabinet was on a 3-day retreat.
 
By: Ernestina Afake and Bernard Ralph Adams | Originalfmonline.com | Ghana

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