Akufo-Addo singles out dependence on imports as reason for cedi depreciation

Akufo-Addo singles out dependence on imports as reason for cedi depreciation

President Akufo-Addo has argued that Ghana’s over-reliance on imports is the cause of the depreciation of the cedi.

Per a report by Pulse.com.gh, the president explained that the local currency would appreciate if Ghanaians begin to patronize locally-made goods.

According to him, the public discourse should begin to focus more on the structural problems affecting the cedi.

READ ALSO: Google finally explains the cedi's strange fall against the dollar

The local currency has continued to fall since the turn of the year 2019 from GHc 4.9 to over GHc 5.5 per US dollar.

The business community has particularly lamented the situation, calling on the government to take steps to salvage the situation.

The cedi, however, experienced a marginal appreciation this week, selling at GH¢5.3 to the dollar on Tuesday, March 19, 2019.

President Akufo-Addo called for the public to tone down importations, insisting it only strengthens foreign economies to the detriment of Ghana’s own economy.

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Source: Yen

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