Ghana’s high imports have been a major contributing factor to the country’s rising inflation rates.
The importation of items such as cassava, toothpicks and other staples has been a major concern for many citizens who believe the country has the resources and capacity to produce these items and to be self-sufficient.
A former NDC Central Regional Chairman, Allotey Jacobs along with other panelists on Peace FM’s Kokrooko expressed disappointment over the revelation that Ghana is importing cowhide known in Ghanaian parlance as ‘wele’. .
According to Allotey Jacobs, the importers of these items are the funders of political parties, which is why governments are unable to pass any form of legislation to curb their importation.
He said: “Those who import wele (banal) are those who fund political parties. And because of that, they dictate for them.
Cowhide is imported from African countries like Senegal, Mali and Niger, Kenya, Mauritania, Guinea, Egypt and European countries like Germany.
In addition, the show’s panelists lamented the constant repatriation of profits by foreign companies.
They said this is also part of the reason why Ghana has been downgraded by rating agencies lately.
The Association of Ghana Industries (AGI) had previously called on the Bank of Ghana to review laws that allow foreign companies to keep a percentage of their profits in Ghana to help bolster the local currency.
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