Revitalizing Ghana's Economy, Short-term strategies to fortify cedi stability - Deputy Finance Minister reveals

Amidst concerns over the consistent depreciation of the Ghanaian cedi against the US dollar, Deputy Finance Minister, Dr. Stephen Amoah, has disclosed the formulation of a series of short-term strategies by Finance Minister Dr. Mohammed Amin Adam. These initiatives aim to bolster the stability of the national currency, marking a pivotal step in Ghana's economic trajectory.

While the specifics of these strategies remain undisclosed, Dr. Amoah emphasized the imperative role of citizen cooperation in mitigating imports, a crucial factor in the sustained stability of the cedi. Speaking on Onua FM's "Yen Nsempa" hosted by Nana Yaa Brefo and Isaac Ekow JB, Dr. Amoah highlighted the concerted efforts of Minister Dr. Mohammed Amin Adam and the finance team to allocate incoming funds effectively, fostering a more resilient cedi-dollar relationship.

However, Dr. Amoah cautioned that these measures are primarily short-term solutions. He urged a collective national introspection, stressing the need for long-term strategies to fortify the currency's stability. Central to this endeavor is the imperative to reduce Ghana's reliance on imported goods, particularly agricultural products, which directly impacts the strength of the cedi.

"We need to diminish our dependence on imported goods, especially agricultural produce," Dr. Amoah asserted. He attributed the cedi's depreciation to Ghana's penchant for foreign goods, exacerbating the demand for the US dollar. The country's heavy reliance on imports perpetuates a vicious cycle, further weakening the cedi's position.

Addressing this challenge necessitates a concerted effort to recalibrate consumer preferences and bolster domestic production. Dr. Amoah underscored the urgency of this shift, emphasizing its pivotal role in fostering long-term economic stability.

In essence, the unveiling of these short-term strategies marks a crucial juncture in Ghana's economic narrative. By prioritizing domestic production and recalibrating consumer habits, Ghana can chart a course towards sustainable economic growth, ensuring the resilience of its currency in the global market landscape.