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 him, although maintaining a stable currency is important for the economy, the government must ensure a balance between a strong cedi and the survival of local industries that provide jobs for Ghanaians.

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“The day this government decided to make the cedi more expensive is when they decided to collapse local production. Any company that sends goods out and gets dollar that brings few cedi, that is not to say our cedi should become worthless, but there must be a fine balance between the strength your currency gains and the production factors in your country,” he stated.

He further alleged that the government has injected huge amounts of dollars into the economy to support the cedi, but maintained that the policy is taking a toll on manufacturers and local producers.

“We have pumped huge dollars into the system so that our cedi will look okay, but those who are producing and will create the jobs are suffering,” he stressed.

Dr Okoe Boye warned that the situation could increase Ghana’s dependence on imported goods while local industries continue to struggle.

“As we speak, it is becoming more profitable to import goods into Ghana than to produce the goods here. So, we are creating jobs abroad while on paper we say we have a very strong currency,” he noted.

SO/AE

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