Dr. George Domfe, a development economist at the University of Ghana, believes that the cedi would continue to struggle until Ghana can produce enough for its inhabitants and exports.
Dr. Domfe, speaking at the ABC News Economic Symposium on Thursday, June 13, 2024, at the GNAT Hall in Accra, stated that the economy’s fundamentals remain weak, and that until that changes, the cedi will continue to suffer under the weight of 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 stated that the country must prioritize industrial growth as the only way to keep the cedi strong versus the dollar.
He agreed that when fundamentals are weak, the currency rate exposes you. He believes that the country’s weak fundamentals prevent it from withstanding the strength of the dollar.
ABC News will hold a series of programs in the following months, beginning with the Economic Symposium.
The inaugural edition featured Professor Isaac Boadi, Dr. George Domfe, Dr. Frank Bannor, David AMOATENG, and Dr. Charles Atuahene as speakers, with Dr. Edwin Obodai Provençal chairing the event.
