Accra: A former Minister of Health and aspiring Greater Accra Regional Chairman of the New Patriotic Party (NPP), Dr Bernard Okoe Boye, has argued that the current economic conditions are making imports more attractive than local manufacturing, a development he believes is hurting Ghana's industrial sector. During an interview on Channel One TV's Citiuation Room on Thursday, May 14, Dr Okoe Boye also warned that the recent strengthening of the cedi is negatively affecting local production and threatening job creation in the country.
According to Ghana Web, Dr Okoe Boye emphasized the importance of maintaining a stable currency for the economy while urging the government to balance a strong cedi with the survival of local industries that provide jobs for Ghanaians. He expressed concern that the government's decision to strengthen the cedi could lead to the collapse of local production, as companies exporting goods receive fewer cedis in return for dollars, impacting their profitability.
He further alleged that the government has injected substantial amounts of dollars into the economy to support the cedi, but argued that this policy is adversely affecting manufacturers and local producers. Dr Okoe Boye stressed that the influx of dollars is making the cedi appear stable, yet it is causing difficulties for those involved in local production who are vital for job creation.
Dr Okoe Boye warned that the current situation could result in increased dependence on imported goods, exacerbating challenges for local industries. He pointed out that it is becoming more profitable to import goods into Ghana than to produce them locally, which could lead to job creation abroad while Ghana maintains a strong currency on paper.