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Too Much Imports Negatively Affecting Cedi And Economy – Yaw Buabeng Asamoah   
 
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22-Feb-2019  
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National Communications Director of the ruling New Patriotic Party [NPP], Lawyer Yaw Buaben Asamoah has said the high demand of import products into the country is the main cause of our economic crisis and depreciation of the cedi.

He said the strong foreign currencies that are used in trading against the cedi are causing the cedi to depreciate in value.

He confirmed our fundamentals are very appreciating, therefore the zeal of other countries to trade with us.

“Our fundamentals are very good as a nation, otherwise foreign countries wouldn’t want to trade with us like we are experiencing now. Rather it is the economic values which are not stable due to the pressure on the cedi. The pressure on our cedi is based on the too much imported goods into the country, even though our fundamentals are strong.

“We import a lot of goods into this country to the extent of toothpick, contractors and consultants . . . leaving the cedi to suffer a lot of pressure,” he said.

He confessed that the pressure on the cedi is a headache to this government, therefore government’s massive effort to introduce local industries.

“ . . This is why President Akufo-Addo’s government is working hard to enhance made in home products, to expand the economy and keep the cedi in the country which will as a result create jobs for the youth,” he said on UTV’s Friday ‘Mpu ne Mpu’ segment on ‘Adekye Nsroma’ programme.

He advised that for Ghana to develop faster, political parties who are competent in handling the economy must be maintained for longer years in power for proper planning and implementation.
 
 
Source: Elizabeth Semiheva Bedi/Peacefmonline.com
 
 

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