30 July 2014

Ghana: Government Urged to Implement an Export-Led Growth Strategy to Help Stabilise the Economy

press release

Government has been called upon to vigorously implement an export-led growth strategy to help reduce the fall of the cedi, make it stronger in the medium to long-term in order to stabilise the economy.

Furthermore, government has also been called upon to implement an import-substitution strategy to produce local goods that are imported and decrease the importation of such goods.

The Chairman of the Ghana Growth and Development Platform (GGDP), Mr Kwamena Essilfie Adjaye, was speaking during the presentation of a working paper on how the economy could be improved in Accra, yesterday.

Mr Adjaye said the Bank of Ghana should also allow exporters to decide when and what percentage of their Foreign Exchange Accounts (FEA) should be converted into cedis, adding that the removal of the US $50,000 on the electronic cards of importers would help stabilise the Cedi.

The occasion was also used to launch the Ghana Growth and Development Platform-- a forum for discussing and promoting Ghana's growth and development in freedom and with justice.

In his remarks, the Vice Chairman of GGDP, Mr Theo Acheampong, said government should set up a surveillance device and or monitor systems for selected products at the first point of entry at the ports.

This, according to Mr Acheampong, would enable government to collect information for anti-dumping purposes to help the country prevent competition through lower prices from the European Union goods.

He added that the cheap and substandard Chinese finished goods had choked the economy and was a problem that needed to be tackled.

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