Former Health Minister and Greater Accra Regional Chairman hopeful for the New Patriotic Party (NPP), Dr. Bernard Okoe Boye, has warned that the strengthening of the cedi is hurting local production and undermining job creation in the country.
Speaking on Channel One TV’s Citiuation Room on Thursday, May 14, Dr. Okoe Boye argued that the current economic environment is making imports more profitable than local manufacturing, a situation he believes is weakening Ghana’s industrial sector.
According to him, while a stable currency is important, the government must strike a balance between maintaining a strong cedi and protecting local producers whose operations drive employment.
“The day this government decided to make the cedi more expensive is when they decided to collapse local production. Any company that sends goods out and gets dollar that brings few cedi, that is not to say our cedi should become worthless, but there must be a fine balance between the strength your currency gains and the production factors in your country,” he said.
He warned that the current trend could lead to increased dependence on imported goods at the expense of domestic industries and local employment opportunities.
“As we speak, it is becoming more profitable to import goods into Ghana than to produce the goods here. So we are creating jobs abroad while on paper we say we have a very strong currency,” he stated.
Dr. Okoe Boye further claimed that the government has injected huge amounts of dollars into the economy to support the cedi, but said the policy is negatively affecting manufacturers and producers.
“We have pumped huge dollars into the system so that our cedi will look okay, but those who are producing and will create the jobs are suffering,” he added.
Support Mahama gov’t to avoid failure — Asiedu Nketiah to NDC
