The Ghana Union of Traders Association (GUTA) has suggested to the government to prevail on foreign companies operating in Ghana to stagger the repatriation of their profits so as to save the cedi from falling further.

According to GUTA, there is the need for the central bank to talk to such transnational companies such as those in the telecommunication and mining industries, to stagger the repatriation of their profits.

GUTA said this is important because Ghanaians have failed to own the commanding heights of the economy, as it is in the hands of foreigners.

Dr Joseph Obeng, the President of GUTA, made this suggestion on Accra100.5 FM’s mid-day news on Tuesday, March 8, 2022.

He said this is the only way the cedi can be prevented from further nose-diving against the dollar.

“These international companies, instead of being allowed to repatriate all their profits from the country, they can be made to stagger their profits quarterly to shore up the cedi against the dollar,” he proposed.

He was of the view that once these companies are left to have a field day, the cedi will continue to suffer. 

He bemoaned that “as a country, we have failed to own the commanding heights of the economy”, adding, “these foreign companies are making millions and repatriating in dollars every year.”