Financial analyst Dr. Richmond Atuahene has warned that the strengthening of the Ghana cedi may be undermining the country’s export sector, arguing that current economic trends continue to favour imports over local production and export.
Speaking in an interview, Atuahene said a stronger currency, while often seen as positive, can reduce incentives for exporters and reinforce Ghana’s dependence on imports.
“Anytime the cedi stabilises, the export sector suffers. The reason is that if the cedi is GH¢10 to $1 and I export and I come back with the same GH¢10, then what is the aim of exporting rather than importing,” he said.
He argued that recent economic gains, including improved reserves, risk deepening what he described as an “import mentality” if not matched with deliberate policies to boost exports.
“When we say the cedi has stabilised and we have reserves, all these things are made to support the import mentality that we have. We need to change that mentality,” he said.
Dr Atuahene called for a shift towards an export-led growth strategy, insisting that Ghana must prioritise local production to reduce pressure on inflation and strengthen the economy.
“We need to see that if we use an export methodology instead of an import methodology, people will not be dwelling too much on inflation. We import literally everything, even things we can grow here,” he said.
He also pointed to rising remittances as an opportunity to expand export capacity, rather than fuel imports.
“The president himself mentioned that remittances have risen significantly. But instead of expanding the base of exports, we are expanding the base of imports. So importers are happy, and are winning, at the detriment of exporters,” he added.
Atuahene stressed the need for policy reforms to support exporters and reduce reliance on imports, warning that without a structural shift, Ghana’s economic gains may not translate into long-term resilience.
