Govt's restrictions on dollar is disastrous - Mr Kotei

Mr Solomon Kotei, General Secretary of Industrial and Commercial Workers Union (ICU), said the Bank of Ghana’s policy of placing restrictions on the dollar was disastrous to the growth of the economy.

He said it would scare investors wishing to invest in Ghana and make it difficult for businessmen in Ghana to plan ahead which was a prerequisite for growth.

Mr Kotei, who was speaking on the repercussions of the policy in an interview with the Ghana News Agency, said it would also make the “black market” thrive.

He said there was the need to make Ghanaians know the root causes leading to the depreciation of the cedi saying, “the decision by government could best be described as ad hoc’.

The policy would affect the ordinary man on the street, affect the business community and even the Government that also transacted business in foreign exchange, Mr Kotei said.

He said Ghanaians should also be aware as to which sections of the economy would benefit from the 20 million dollars which Government would inject into the economy.