Ghana imports basics like toothpicks; stable cedi amidst such trade fragility? – Kwesi Pratt
On August 9, 2022, Kwesi Pratt Jnr, the Editor of Insight Newspaper, voiced his perplexity regarding the persistence of importing goods that could be produced locally in Ghana by domestic producers and manufacturers. Pratt emphasized that this practice could contribute to the ongoing depreciation of the local currency.
His sentiments were featured in an article originally published on August 9, 2022, by peacefmonline.com. The veteran journalist expressed his concerns to the Ghana Union of Traders Association (GUTA), reflecting apprehensions about the potential collapse of indigenous businesses due to the devaluation of the cedi and related market fluctuations.
GUTA had taken a stern stance, threatening to stage a demonstration against the government’s handling of the substantial decline in the value of the cedi against foreign currencies, primarily the US Dollar. Dr. Joseph Obeng, President of GUTA, outlined the pressing concern of businesses facing a possible collapse, emphasizing that their survival was critically endangered. He urged the government to reconvene the Foreign Exchange Committee to devise prompt solutions, as outlined in a press release.
In response to GUTA’s grievances, Kwesi Pratt Jnr questioned the government’s strategy to rescue local businesses and stimulate interest in domestic products. He raised a pertinent query about the rationale behind the continued importation of goods that could be efficiently manufactured within Ghana by local producers.
Pratt illustrated this point with examples like handkerchiefs, remarking on the technology available for their production and questioning the need for imports. He further drew attention to toothpicks, stating that even young children armed with basic tools could potentially craft them, yet the country was still importing them.
Notably, he highlighted Ghana’s importation of “guinea fowls from Denmark,” using such instances to underline the paradox of economic stability when essential items were imported instead of being locally produced. Pratt passionately advocated for stringent measures to invigorate the local market and deter unnecessary imports, asserting that such actions were vital for bolstering the country’s economic resilience and currency stability.
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