In a quest to find a substantive solution to stabilise the Cedi, the government has decided to review the standards for importing goods in the country by 2023.
President Nana Addo Dankwa Akufo-Addo made this known in an address to the nation on Sunday, October 31, 2022.
“We will review the standards required for imports into the country, prioritise the imports, as well as review the management of our foreign exchange reserves in relation to imports of products such as rice, poultry, vegetable oil, toothpicks/pastes, pasta, fruit juice, bottled water and ceramic tiles, and others which, with intensified government support and that of the banking sector, can be manufactured and produced in sufficient quantities in Ghana,” he said.
A boost in manufacturing for export and local consumption will reduce the demand for foreign currency and reduce the pressure on the Cedi.
Therefore, the president urged Ghanaians to develop a taste for locally manufactured items.
He also added that the “government will, in 2023, that is six (6)months from now, review the situation”.
“We must, as a matter of urgent national security, reduce our dependency on imported goods and enhance our self-reliance, and demanded by our overarching goal of creating a Ghana Beyond Aid,” he added.
Moreover, the president urged Ghanaians to always encourage people who have developed a passion for the farming sector to increase production. To him, most of the food items that are sold on the markets could be produced in Ghana and that trend must be incorporated in every sector.
“Much as we believe in free trade, we must work to ensure that majority of goods in our shops and marketplaces are those we produce and grow here in Ghana. That is why we have to support farmers and domestic industries, including those created under the 1-District-1-Factory initiative, to help reduce our dependence on imports, allow us the opportunity to export more and more of our products and guarantee a stable currency that will present a high level of predictability for citizens and the business community. Exports, not imports, must be our mantra! Accra, after all, hosts the headquarters of the Secretariat of the African Continental Free Trade Area,” he added.