According to him, current mining agreements with multi-nationals do not favour the economy, adding that the country only gets little from the precious stone. He also
The local currency has been depreciating at a faster rate in recent times. Currently, it is pegged at GHC4.50 to the American dollar.
He said major roads in the country are done by foreign contractors who take the money away.
“The rate at which the dollar goes out is higher than what comes in; we borrow money from foreign countries for these contractors and they take them away.
“Ghanaian companies are not given any contract; all the contracts go to foreign companies,” he charged on Accra-based Atinka FM.
According to him, the issue of the rapid depreciation goes beyond partisan politics saying “it is not about which political party rules the nation, it is about the policies we put in place and if they are not prudent, the Cedi can go up to GHC10.00 to a dollar.”
“If we don’t stop what we are doing, regardless of who may be at the helm of affairs, the cedi will still go up,” he warned.
Commenting on importation of goods, Mr. Pratt said the country was suffering because it was importing products that it used to manufacture in times past.
The social commentator explained that “multi-national companies in Ghana are doing smart accounting where they hide their profits so that, they don’t pay tax to the government."
Kwesi Pratt said since the country does not control the economy, it cannot bring down inflation, adding that the value of every currency depends on production and productivity.