Business News of Saturday, 15 September 2018
The Chief Executive officer (CEO ) of the Business and Financial Times, Dr Edith Dankwah, has commended the government’s efforts in dealing with the rise and fall of the cedi.
In the face of economic hardships and the constant appreciation and depreciation of the national currency, her comments give inadequate comfort to businesses affected by the economic instability that is a direct consequence to the cedi’s fall and rise.
“I think that even looking at our macroeconomic indicators now, I think the managers of the economy are doing well,” she said on Saturday’s Joy News’ Newsfile.
However, in all of the government’s efforts, “the depreciation of the cedi is still happening. So we must ask ourselves tough questions. Why do we keep going, stabilize it a bit, and then we dip, and then we come back, we make promises and we still get there,” she quizzed.
According to her, the country’s woes stem from too many imports and fewer exports. She proposed a remedy to the country’s economic malady, suggesting that “if we really want to turn things around, then we have to have a look or a conversation around industrialization.”
Such interventions as the ‘One district One factory’ (1D1F) ought to be taken more seriously if the conversation about industrialization will progress from ‘drawing board’ to implementation.
The initiative, otherwise known as district enterprises, is to establish medium-to-large-scale factories or industrial enterprises that have the potential to fundamentally affect the economy of the districts.
Among other things, the district enterprise is aimed at supporting existing companies while creating new ones to create employment, as well as add value to the country’s natural resource base.
“Manufacturing comes with its own challenges and make importing seem a more cost effective route to take,” Dr Dankwah admitted.
Government claims to be making the best of resources available to it.