Business News of 2014-02-10

Rlg, Zoomlion begin laying off workers

The Chief Executive of the Center for Freedom and Accuracy, Andrew Awuni says indigenous firms; Rlg and Zoomlion have begun laying off workers because of the worsening economic conditions.
However, Mr. Awuni did not provide details of the planned retrenchment exercise.
Briefing the media on the ‘Depreciation of the Ghana Cedi and related matters’, Mr. Awuni said “workers have began losing their jobs…Rlg is doing retrenchment, Zoomlion is doing retrenchment, manufacturing companies in Tema and on the Spintex road all of them are doing retrenchment.”
Explaining further, he said “workers have began losing their jobs, businesses are folding up and relocating…if you don’t know, find out, you are the journalists, all the Indian and Asian bore hole drilling companies that have been operating in this country have started packing their bags and baggage”.
Mr. Awuni blamed the government for the poor performance of the Ghanaian economy, adding, the nation is in a serious financial crisis happening at a time when it is a net exporter of crude oil.
He noted that the reckless spending of over 4.6 billion dollars in the last three months of 2012 and the faulty economic fundamentals as well as some self-serving government policies are the major problems.
He said the country has been running short on revenue and funding for its national budgets falling short by more than 30 percent every year since 2010.
He absolved the Bank of Ghana from the Cedi woes but said “the solution is not legislation, controls or commands. What we have on our hand is market problem and only market solutions should apply”.
Source: radioxyzonline
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