It turns out there is more to the daily slide of our currency compared to others. We have not had a positive trade balance since independence,we have always depended on primary products such as cocoa, timber and gold as our source of foreign exchange. Then the boom of oil reared its ugly head, we lost our guard and went on a spending spree, borrowed to finance every project we thought would work, simply because we found oil. We had collateral and we sure used it. Then the gamblers followed the money, we opened our doors to the Turks, Chinese, Russians etc, we gave them gambling licenses, gradually our local National Lotteries which paid back into the economy lost ground to these new business in town. The new boys on the block are making tonnes of money with the support of some Ghanaians, but the money is leaving our shores soon as they make it, these new businesses are buying all the DOLLARS on the local forex markets, driving up the cost of the dollar. If this continues no matter how well intention-ed the govt maybe, there will be dollar flight and will adversely impact our economy. We need to review the gambling laws of the country. We should not give licenses to foreigners under any condition.I understand that the law prohibits that so they have local partners to help set up their gambling operations. Please investigate this and if its found out that it has a negative impact to the economy we should scrap it. This may help bring stability back to our currency.
Posted on: Thu, 07 Aug 2014 22:33:58 +0000
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