The Director of Communications for the New Patriotic Party (NPP), Richard Ahiagbah, has raised red flags over the recent appreciation of the Ghanaian Cedi, arguing that the government’s celebration of the currency’s gains is short-sighted and potentially harmful to the domestic job market.
According to Mr Ahiagbah, while a stronger Cedi may reduce the cost of imports, it poses a serious threat to Ghana’s export competitiveness and local production. He contends that without a production-driven foundation, the Cedi’s strength may accelerate job losses and deepen the country’s dependency on foreign goods.
“When the Cedi is strong, it’s good for imports but bad for exports. That is why importers are being called upon to reduce prices, but its comfort is short-lived while its effects are long-lasting. It ships our jobs abroad,” he said in a post on X (formerly Twitter).
Drawing comparisons to China’s long-standing policy of keeping its currency relatively weaker to bolster exports, Mr Ahiagbah questioned the rationale behind Ghana’s current economic direction. He cautioned that the government’s current posture lacks a long-term strategy to anchor the Cedi’s appreciation to production and export growth.
“The government’s claim that its deliberate policies are responsible for strengthening the Cedi raises a fundamental question: What is that policy’s medium to long-term goal?” he queried.
The NPP communicator argued that a currency’s value divorced from productivity is economically contradictory and unsustainable. He stressed that celebrating a strong Cedi without linking it to industrial output reflects a policy misalignment with Ghana’s job creation goals.
“It is conflicting for a party that campaigned on jobs to be pursuing and celebrating a currency stabilisation that is not production-led,” Mr Ahiagbah noted. He warned that this trend undermines efforts to reduce Ghana’s import dependency, grow local exports, and empower domestic industries—factors that are essential for sustainable employment.
“Any strengthening of the Cedi that is not production-driven is likely to make it harder, if not impossible, to achieve the general consensus on import substitution… and create job opportunities for our youth,” he asserted.
The government’s claim that its deliberate policies are responsible for strengthening the Cedi raises a fundamental question: What is that policy’s medium to long-term goal?
It is conflicting for a party that campaigned on jobs to be pursuing and celebrating a currency…
— Richard Ahiagbah (@RAahiagbah) May 22, 2025
Mr Ahiagbah called for a shift in how Ghana evaluates the performance of its currency, urging policymakers to place greater emphasis on how the Cedi can support an export-led economic model.
“We have often debated the appreciation and depreciation of the Cedi from an import perspective… we cannot but explore the export angle of the Cedi’s performance because that’s where the heavy lifting has to be done to create the requisite opportunities to grow our economy,” he concluded.
His comments come at a time when the Cedi has seen consistent gains against the US dollar in recent weeks. While the government touts this as evidence of sound fiscal management, critics like Ahiagbah believe the real test lies in whether this stability translates into sustainable economic growth and job creation.
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