Focus on industrialisation to save cedi from perennial free fall – AGI

The President of the Association of Ghana Industries, Dr. Humphrey Ayim-Darke, has urged the government to focus heavily on industrialisation to slowdown the perennial depreciation of the cedi.

He therefore wants a second look at the level of primary export trade.

This comes after the Ghana Association of Forex Bureau predicted that the cedi would experience some depreciation going into the festive season.

According to Dr. Ayim-Darke, the government must prioritise industrialization going forward since.

Speaking at the Pre Budget Forum organised by Joy Business, he admitted that the country is in a challenging time but expects more to be done to save the cedi.

“You realise the vulnerability still persists and this has to do with our export trade because we still do largely primary export commodities as against process and finished goods”.

“We should be looking at the degree of depreciation but we shouldn’t be surprised because we are not doing the right thing”, he said.

The local currency has come under some pressure in recent times despite recording relative stability for the greater part of the year.

Even though Fitch Solutions projected the cedi to end 2023 at ¢11.40 to a dollar, the Ghana Association of Forex Bureau believes an increase in the demand for the dollar coupled with high imports may force the cedi to lose some value against the dollar.

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