Ghana's interest rate is abnormally high, probably the highest in the world, Secretary General of the Trades Union Congress(TUC), has said.
Dr. Anthony Yaw Baah, has described the state of Ghana’s economy as abnormal. saying he hopes things will change for the better.
"If you have a situation in the country where it is only the banks that are making profit, it is not normal,” he said.
“Inflation remains very high, interest rate is abnormally high, probably the highest in the world. That doesn’t help our employers to borrow money form the banks.
“If you live in country like that, how can businesses borrow money, invest, and make profit, so they can expand? They can’t. We live in a very abnormal economy and we are hoping that things change for us, because we are suffering as workers of Ghana,” he said.
Dr. Anthony Yaw Baah, made the comment when he addressed a meeting between the TUC and flag bearer of the New Patriotic Party Nana Akufo-Addo, when the latter paid a courtesy call on the workers’ union on Monday.
He opined that Government could do better to bring the situation under control as high inflation and interest rates is making it very difficult for employers to expand their business to employ more people.
Relationship between the Mahama-led Administration and the Union over the years has gone sour as the demand for a 'better condition of services' has on many occasions left the union to opt for industrial strikes.
The NPP flag bearer used the visit to tell the union about his party’s vision of 'saving the Ghanaian economy' if given the chance on December 7, 2016.
“We will put in place a “systematic, focused effort to restructure the Ghanaian economy – to take it out from just being a raw material producing economy, to an economy that is based on value addition, industrial activity and wealth creation," he said.
“We intend to abolish duties on the imports of raw materials and manufacturing equipment. We are going to abolish VAT on real estate transactions, and reduce VAT for micro and small enterprises from the current 17.5% to the 3% Flat Rate VAT introduced by the NPP.
All these are being put in place to stimulate production, which will address the issue of unemployment, job losses and also for the rapid development of our economy.”
According to the TUC boss, even though the country faces a myriad of problems, there are still some positives worth celebrating.
“One thing we have which we all cherish is the peace we are enjoying, and that is why Nana’s acceptance of the Supreme Court verdict in 2012 was extremely significant. We have witnessed politicians in other countries who have caused chaos,” he explained.
By:Fiifi Abdul Malik @fiifialmaestro on twitter
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