Dr. Vladimir Antwi-Danso
Senior Fellow at the Institute of Economic Affairs, (IEA), Dr. Vladimir Antwi-Danso, has called on the government to focus on export driven by local production in order to sustain the current appreciation of the cedi.
Dr. Antwi Danso who made the call at the IEA public forum on the theme, “Trump Tariffs: Implications for Africa and Ghana,” said though the cedi has recorded positive gains it may not stabilise permanently without adequate reforms.
“We must try and be an export economy, and that is the only way you stabilize your currency. That is the only way you make the other currency lower or stronger, the appreciation of the cedi may soon reverse.
“What we are doing is that we are not stabilising permanently, we will relapse. By December, I believe we will relapse. And I’m saying this from a technical point of view, not as a political comment. What I’m trying to say is that it’s not yet ‘hooray’ for a cedi kind of appreciation,” he stated.
He also asked President Mahama to take measures to prevent Ghana from returning to the International Monetary Fund (IMF) at the end of the current programme after the end of the current programme.
“The president has given indication that it is a legacy term. If it’s a legacy term then I suspect he must put things right so we don’t go back. It is a routine ritual, this is the 17th and there is no indication that this is going to be the end. It is because of the spending spree especially during election years,” he said.
“During election years, we throw everything to the dogs and spend the way we spend and the spending is not such that it is bringing back the money we are spending. It is just for consumption. We borrow for consumption,” he added.
The discussions emphasised the urgent need for sustainable economic strategies that reduce reliance on imports and build resilience through value-added exports and industrialization.
The forum also brought together economists, policymakers, and members of the diplomatic and business communities to discuss the impact of global trade especially on tariffs especially at the time when the cedi is fast appreciating against other major currencies.
By Ebenezer K, Amponsah