A creative solution needs to be found to resolve the problems now faced by scrap metal merchants, as a result of the ban on the export from Ghana, of types of scrap metal used by local steel manufacturing companies. The ban has apparently negatively impacted the businesses of many scrap metal merchants in the country.
A nation with a weak currency that is constantly depreciating, needs to export as many goods and services as it possibly can, in order to improve its balance of payments, and, ultimately, help strengthen and stabilise its currency, in so doing.
There are Ghanaians in the diaspora, who could be persuaded to supply the steel manufacturing companies in Ghana, with the type of scrap metal they require - if they could be guaranteed payment in Ghana cedis, for deliveries of scrap metal they make to the steel manufacturing companies here.
That will enable local scrap metal merchants to resume dealing directly with the Indian scrap metal buyers in Ghana, who, unlike the local steel manufacturing companies, apparently pay promptly, for all scrap metal delivered to their yards - helping to revive what is currently a more or less moribund sector of the national economy. And as business is resumed once again one hopes that the sector's players will thrive in a difficult economic environment.
As my widow's mite contribution to the nation-building effort, I will be happy to introduce the ministerial team at the ministry of trade and industry, to Ghanaians in the diaspora, who would be willing to supply the type of scrap metal used by the steel companies in Ghana, if they are guaranteed prompt payment in Ghana cedis for all the scrap metal they send to Ghana - and are asssured of a frustration-free and swift clearing process at the port of Tema, for all the containers of scrap metal they send to steel manufacturing companies here.
That will enable the ministerial team at the ministry of trade and industry to finally come up with a creative free-market solution, to resolving the difficulties currently faced by local scrap merchants - as a result of the ban placed on the export from Ghana of some of the types of scrap metal they deal in.
The same innovative idea could be used to supply imported raw materials to other manufacturing companies in Ghana - and help lessen demand for hard currency to pay for the Ghanaian manufacturing sector's imported raw material needs: and ease the pressure on the Ghana cedi on the forex markets.
Amongst the incentives that could attract diasporans to see this as a viable business to undertake, would be making the importation of scrap metal into Ghana for the steel manufacturing industry, a duty-free undertaking.
Perhaps the banking industry could also help out - if individual banks regarded payments for consignments of imported scrap metal delivered to the steel manufacturing companies that bank with them, as extended credit facilities, for major clients of theirs.
One hopes that the trade and industry ministry's ministerial team will take advantage of this free consultancy - humbly provided them openly for patriotic reasons - to help them resolve the associated problems arising from the ban the ministry placed on the export fom Ghana, of types of scrap metal used by local steel manufacturing companies.
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