Exporting Should Be Priority Of GUTA & Chamber Of Commerce Seth Terkper

The Finance Minister, Seth Terkper has urged local businesses to collaborate with the Ghana Investment Promotion Centre (GIPC) to raise more revenue from export products. Touching on the current economic pressures on the Ghanaian citizenry, Mr. Terkper admitted that Ghana's currency has lost its value against the US Dollar but ascribed the situation to the attitude of local producers and Ghanaian consumers. According to him, in order to strengthen Ghana's currency, the country's earnings should not be derived from the importation of foreign commodities. To him, local businesses "earn foreign exchange" but end up spending that "foreign exchange to import." Despite the high demand for foreign products which to the Finance Minister contribute to the steep depreciation of the cedi, he also noted that the cedi keeps depreciating as a result of the influx of foreign investors using foreign currencies to transact business with local investors. Speaking in an interview with Kwami Sefa Kayi, host of Peace FM's "Kokrokoo", Mr. Terkper called on local importers, the Ghana Chamber of Commerce and the Ghana Union of Traders Association (GUTA) to re-strategize and focus on "EXIM" (Export more local products; Import less foreign goods) to generate more income. The Finance Minister called for a change in attitude and was hopeful the nation's currency will recover its strength as the Ministry together with the government puts better initiatives in place.