{"id":55345,"date":"2023-09-28T06:56:52","date_gmt":"2023-09-28T06:56:52","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/?p=55345"},"modified":"2023-09-28T05:37:19","modified_gmt":"2023-09-28T05:37:19","slug":"jantuah-states-how-influx-of-chinese-tanker-trucks-can-cause-capital-flight-and-weaken-the-cedi","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/jantuah-states-how-influx-of-chinese-tanker-trucks-can-cause-capital-flight-and-weaken-the-cedi","title":{"rendered":"Jantuah states how influx of Chinese tanker trucks can cause capital flight and weaken the Cedi"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>Energy Expert, Kwame Jantuah, has warned that the influx of Chinese tanker drivers in the petroleum sector of the Ghanaian economy can result in capital flight and weaken the Cedi.<\/b><\/p>\n

He explained that the Chinese would convert the proceeds they make, from Cedi to Dollars, and repatriate them.<\/p>\n

When that happens, he said, it will put pressure on the local currency and further worsen its woes.<\/p>\n

Although he recognizes that foreign investors are needed to boost the local economy, there is a need to protect local players and ensure that they are given premium places in the petroleum sector to occupy.<\/p>\n

Local tanker drivers say their checks have revealed that about 300 tanker trucks have so far been imported into the country.<\/p>\n

Speaking on the Sunrise show on 3FM with Johnnie Hughes on Wednesday, September 27, Mr Jantuah who is also a private legal practitioner said \u201cOne thing we should be mindful of is that the Chinese are always strategic at what they do.<\/p>\n

\u201cThey have a refinery, they have the raw materials, they now have tankers, the next you see is that they have petroleum garages.\u201d<\/p>\n

He added \u201cThe most serious aspect is the capital flight issue. We need Dollars in this country, the Cedis that they [Chinese] will earn from refining petroleum products, will have to change into Dollars, they are taking dollars out of the system which affects our Cedi, and we cannot allow that to happen.<\/p>\n

\u201cThe money that they make goes into their banks, not our banks, we have to ensure that the money stays in our banks for development.\u201d<\/p>\n

\u201cInvestment is good but if that investment is going to spoil Ghanaian businesses we don\u2019t need it,\u201d he stressed.<\/p>\n

Also commenting on the same show, Member of Parliament for Yapei Kusawgu who is also a former Deputy Energy Minister John Jinpor wondered why the Chinese were permitted to bring in 300 tankers.<\/p>\n

Although he stated that foreign businesses should be welcomed into the country, they cannot operate at the expense of the indigenous businesses.<\/p>\n

\u201cWhy will a Chinese company bring 300 tankers into this country?\u201d he asked.<\/p>\n

He added \u201cIn as much as you want to do business in Ghana don\u2019t kill our local businesses.\u201d<\/p>\n

He further assured that the Mines and Energy Committee of Parliament will further project the concerns of the local tanker drivers and ensure that their interests are protected.<\/p>\n

Deputy Minister of Energy who is also a lawmaker for Sekondi Andrew Egyaper Mercer assured that efforts were underway to protect Ghanaians in the petroleum sector.<\/p>\n

\u201cWe are not losing sight of the need to protect Ghanaian investors and also the need for foreign investors,\u201d he said.<\/p>\n

He added \u201cWe will ensure that they [Chinese] do not operate to the disadvantage of locals.\u201d<\/p>\n

The National Petroleum Authority (NPA) has already written to Sentuo Refinery Limited, the Chinese Company that is reported to have imported the tankers into the country, expressing concern about this action.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. Energy Expert, Kwame Jantuah, has warned that the influx of Chinese tanker drivers in the petroleum sector of the Ghanaian economy can result in capital flight and weaken the Cedi. He explained that the Chinese would convert the proceeds they make, from Cedi to Dollars, and repatriate them. When that happens, he […]<\/p>\n","protected":false},"author":84,"featured_media":55344,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[5092,5096,429],"class_list":["post-55345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nJantuah states how influx of Chinese tanker trucks can cause capital flight and weaken the Cedi - Ghana<\/title>\n<meta name=\"description\" content=\"Energy Expert, Kwame Jantuah, has warned that the influx of Chinese tanker drivers in the petroleum sector of the Gha ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/jantuah-states-how-influx-of-chinese-tanker-trucks-can-cause-capital-flight-and-weaken-the-cedi\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jantuah states how influx of Chinese tanker trucks can cause capital flight and weaken the Cedi\" \/>\n<meta property=\"og:description\" content=\"Energy Expert, Kwame Jantuah, has warned that the influx of Chinese tanker drivers in the petroleum sector of the Gha ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/jantuah-states-how-influx-of-chinese-tanker-trucks-can-cause-capital-flight-and-weaken-the-cedi\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-28T06:56:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/09\/sm_1695866691.47075.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/jantuah-states-how-influx-of-chinese-tanker-trucks-can-cause-capital-flight-and-weaken-the-cedi#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/jantuah-states-how-influx-of-chinese-tanker-trucks-can-cause-capital-flight-and-weaken-the-cedi\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Jantuah states how influx of Chinese tanker trucks can cause capital flight and weaken the Cedi\",\"datePublished\":\"2023-09-28T06:56:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/jantuah-states-how-influx-of-chinese-tanker-trucks-can-cause-capital-flight-and-weaken-the-cedi\"},\"wordCount\":518,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/jantuah-states-how-influx-of-chinese-tanker-trucks-can-cause-capital-flight-and-weaken-the-cedi#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/09\/sm_1695866691.47075.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/jantuah-states-how-influx-of-chinese-tanker-trucks-can-cause-capital-flight-and-weaken-the-cedi#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/jantuah-states-how-influx-of-chinese-tanker-trucks-can-cause-capital-flight-and-weaken-the-cedi\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/jantuah-states-how-influx-of-chinese-tanker-trucks-can-cause-capital-flight-and-weaken-the-cedi\",\"name\":\"Jantuah states how influx of Chinese tanker trucks can cause capital flight and weaken the Cedi - 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