Alhassan Mutawakilu, a Financial Analyst with Dalex Finance has said that government’s one- district one- factory initiative is not yielding any results. According to him the one- district one-factory initiative is just a scheme to give money to family, friends and cronies.
Mr Mutawakilu was speaking on the Finance Minister’s recent statement on the measures government has put in place to arrest the free fall of the cedi against the United States Dollar.
He mentioned that “two major reasons why the cedi is depreciating are; throughout the world all major currencies are depreciating against the US dollar but ours is in a very bad position because our case has been compounded by the fact that we have lost access to the international capital market. We supposed to be a country that exports more so that we can drive some foreign currency from the export but we rather import more.”
Even though the country reported a trade surplus last year, Mr Mutawakilu observed that the country is not driving the benefit from the surplus because the sector is dominated by foreigners.
“We have to find lasting solutions to our problems. We have to boost local exports by Ghanaian industries, Ghanaian businesses and the government started working on the One-district One-factory and that initiative is not yielding results because am sorry to say they’re giving monies to cronies. Is just a scheme to give monies to cronies and family and friends. So that is why is not yielding a results. Let me ask you a question, how much of our export has increased because of one-district one-factory or how much of our import has reduced because of that policy. Is not going to work,” the Financial Analyst added.
Source: A1radioonline.com|101.1MHz|Osuman Kaapore Tahiru|Ghana