Ghanaian economist, Professor Eric Osei Assibey has asked Ghanaians to develop a taste for made-in-Ghana goods as a means of the cedi appreciation
According to him, when we move away from exported goods, the country will continue to lose much needed dollar bills which will drive the demand for the dollar up consequently leading to the cedi depreciating further.
Speaking in a media interview, Mr Osei Assibey explained that, this is a measure that could be used to stabilize the cedi for a short period while the government comes out with other measures for long term effects.
“I think this is the time that all Ghanaians have to realize that we need to shift away from imported products. Immediately we have to begin to look within, our tastes and preferences should be in favour of Made in Ghana goods.
“If we do that then the import bills or the demand on the dollar will significantly reduce and that could also bring about some conservation of the currency or the dollar.”
Mr Eric Osei
The Economist indicated that, it is also important for the government to support the manufacturing sector to develop a competitive export product that will be able to compete on the international market.
“In the medium to long term, in my view, is for us to have a very aggressive competitive product and factors that promote import substitution industrialization. It is key because this will ensure long term stability of the currency.”
Mr Eric Osei Assibey
Mahama’s Speech On State Of Economy
His comments are in line with Former President John Dramani Mahama’s solutions in his speech delivered on, Thursday October 27, at the UPSA auditorium on Ghana’s current economic situation under the theme: “Building the Ghana we want.”
The Former President suggested as part of solutions to stabilise the cedi that government engages in an aggressive domestication policy.
“It is estimated that forex outlay for food products for which we have a comparative advantage to produce locally amounts to some $3 billion every year. It is said that out of adversity comes opportunity. Restriction of importation of some of these products, side-by-side with increased local production, is a realistic proposition that we need to begin to consider.
“There must be prioritization and strategic investment in private commercial large-scale production of these commodities. We cannot sustain progress in agricultural production based on only support for small scale producers.”
John Mahama
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