We A development economist at the University of Ghana, Dr. George Domfe, has asserted that the cedi, the local currency, will continue to face challenges until Ghana can produce sufficient goods for its citizens and for export.
Expressing his perspective at the Economic Symposium organized by ABC News on Thursday, June 13, 2024, at the GNAT Hall in Accra, Dr. Domfe emphasized that the fundamentals of the economy remain weak.
Until these fundamentals improve, the cedi will keep struggling against the US dollar.
“We have not been producing enough for ourselves and for export, and we have been depending so much on foreign products; there is no way we can get out of this situation. We must produce more to balance the situation,” he said.
He also emphasized the necessity for Ghana to prioritize its industrial development, as this is crucial for the cedi to maintain strength against the dollar.
He concurred with the assertion that weak economic fundamentals are revealed by the exchange rate. In his opinion, the country cannot withstand the dollar’s strength due to its weak economic foundations.
The Economic Symposium is the first in a series of events that ABC News will be hosting in the upcoming months.
The inaugural edition featured speakers such as Professor Isaac Boadi, Dr. George Domfe, Dr. Frank Bannor, David Amoateng, and Dr. Charles Atuahene, with Dr. Edwin Obodai Provençal serving as the chairman of the occasion.