Mr. Hayford Mensa Ayerakwa, in an interview with Kwamina Sam Baney on Bryt Adekyee Mu Nsem, emphasized the need for Ghanaians to support efforts to strengthen the local currency and economy.
He explained that it is every country’s dream to have a strong national currency, and as patriotic citizens, Ghanaians should be proud when the cedi performs well. However, he cautioned that currency strength should not come at any cost or through artificial means.
“At the beginning of the year, we warned the Bank of Ghana that the way they were going about strengthening the currency was not sustainable,” Mr. Ayerakwa stated. “It pains me to say this, but the Governor of the Bank of Ghana has become something else.” He later apologized for the strong language but insisted that his concerns stem from love for the country.
To illustrate the economic challenge, he gave an example related to local agriculture. “If a farmer produces 5kg of rice in Ghana and sells it for GH₵100, that amount has to cover electricity, labour, and other expenses. But when imported rice is placed beside locally grown rice in the market, people often choose the imported one,” he said.
He urged Ghanaians to prioritize local products to help boost domestic production and employment. “When a local farmer expands his farmland, he will need farm managers, labourers, and other workers. This creates jobs. But if we keep buying imported rice, we’re creating jobs in other countries, not ours.”
Speaking on the current economic slowdown, Mr. Ayerakwa noted that government spending has been minimal in the first part of the year, especially in areas like paying contractors and public workers. “When money flows into the system, it drives economic activity. People sell, and others buy. But now, when you go to the market, there’s no buying and selling—because there’s no money,” he added.
He concluded by highlighting the role of the Bank of Ghana in injecting dollars into the system and urged authorities to focus on sustainable economic measures that will benefit the average Ghanaian.
Source:Mybrytfmonline.com/Amuzu Priscilla
