Leader of The New Force, Nana Kwame Bediako, also known as Cheddar has pledged to place an embargo on foreign traders who have infiltrated local markets.
He believes this measure will help prevent the depreciation of the local currency.
During an interactive session with members of the Ghana Union of Traders as part of his manifesto compilation, Nana Kwame Bediako expressed concerns about the free fall of the Ghana cedi against the dollar and emphasized the need to stabilize the currency.
He announced plans to introduce an embargo on foreign goods to protect Ghanaian businesses, following engagements with the Ghana Union of Traders Association (GUTA) to incorporate their concerns into his manifesto.
Mr Bediako outlined a comprehensive industrialization plan aimed at driving economic growth, creating opportunities for the youth, and supporting local businesses.
He stressed the need for innovative business ideas and a shift from traditional reliance on natural resources. Highlighting the struggles of local companies facing collapse due to high taxes, he promised to implement reasonable tax policies to protect and promote indigenous companies.
Mr Bediako lamented that the depreciation of the cedi is a consequence of not creating value within the country. He urged GUTA members to position themselves strategically in the marketplace.
“GUTA, start thinking about how you can take the position of the foreign traders here. Let us focus on creating distribution channels. The supply chain will launch us into great wealth.”
The GUTA President, Dr. Joseph Obeng, also highlighted several challenges facing traders and businesses, including high inflation and excessive taxes, which are affecting their operations.
He asserted that meaningful economic reform in Ghana can only be achieved through greater representation of business interests in politics.
“Business leaders have to take over the governance of Ghana in order to stimulate economic growth,” Dr. Obeng declared. He expressed concern over the growing disillusionment within the business community towards mainstream politicians, stating, “People are tired of mainstream politicians. It is time for business-minded people to take over the leadership of this nation.”
Dr. Obeng also noted the high cost of doing business in Ghana, exacerbated by steep taxes and import duties. He warned mainstream politicians that the upcoming election might be their last chance to redeem themselves in the eyes of the business community.
“Mainstream politicians should pay attention to conversations going on and take Ghanaians seriously by handling matters of the economy more seriously,” he urged.
Nana Kwame Bediako echoed these sentiments, highlighting the critical impact of economic instability on businesses.
“When the currency is not doing well, businesses will not do well. The rising inflation rate is killing businesses,” he said.
He called for a governance model that fosters progress and prosperity, advocating for internal wealth creation.