Finance Ministry Set To Address The Retention Of Profit By The Multinational Companies In Ghana

The deputy Minister for Information, Hon. Fatimatu Abubakar, has stated that the finance ministry has put plans underway to have a stakeholder engagement with multinational companies in Ghana on profit retention.

Speaking on Movement In The Morning Show with Kwaku Dawuro she indicated that although Ghana attracts multinational companies yet the country does not make enough profit from these companies.

Hon Abubakar said, ‘’one thing that drives the exchange rate and also affect economy is retention of profit by multinational companies in Ghana. There are a lot of such companies in Ghana but there is no retention policy-they take all the profit back to their country and pay slight part as tax. The cedi depreciates after these companies accumulate huge sums of profit in which are mostly in dollars’’.

She added that when the demand is high, prices of goods rises.

‘’The bank of Ghana and these companies are set to have an engagement to either retain some of the profit in Ghana or look at how they can sustain the market here. The demand for dollars is ridiculous. We import almost everything from the international market’’, she added.

She advised Ghanaians to prioritize local products and urged farmers and producers to be consistent.