Despite efforts by Bank of Ghana and the Ministry of Finance to halt the downward slide of the Ghanaian currency, with the introduction of revised Foreign Exchange and Foreign Currency Account policy, a leading member of the ruling party, the National Democratic Congress (NDC) believes the measures might not work.
Member of Parliament for Techiman South, Hon Adjei Mensah NDC MP, asserts the best way out from the economic hardship is to start believing in made-in-Ghana products
He argues Ghanaians have been made to believe since the colonial era that nothing good can come out from them, hence the adoption of economic practice based largely on importation.
Addressing the current economic challenges in the country, Hon. Adjei Mensah hinted on Okay Fm that the three pillars holding the economy has brought about our current economic woes as the prices of the country’s major export of Cocoa and Gold have been reduced on the World Market whereas the major import of crude oil is on the ascendency.
“….the truth about our economy is that, there are three pillars holding the economy and these are Cocoa, Gold and importation of crude oil. Whenever there is a negative issue with these three pillars of the economy, there will be hardship in the country. Cocoa and Gold prices on the world market have gone down but the world price of crude oil has increased and this is affecting our economy,” he asserted.
To him, the inability of the country to survive economically is based on its import-led economy practices and the lack of belief in locally manufactured products.
“…..after independence, our economic practice has always been driven by imports due to poor economic policies; all these are derived from our colonial background because in a way, all of us have been enslaved mentally and it will be difficult to come out of that slavery. We have not been able to come out because Ghanaians don’t believe in themselves and whatever that is done here is not accepted, describing everything as inferior, including the food, our clothes,” he opined.
He concluded that until foreigners stop dictating to our leaders, our policy implementations will be difficult to achieve the expected positive results.