Anytime the Cedi stabilises, the export sector suffers

Financial analyst Dr. Richmond Atuahene has cautioned that the relative stability of the Ghana cedi could be hurting the country’s export sector, noting that current economic conditions appear to favour imports over domestic production and exports.

Speaking on the Citi Breakfast Show on Thursday, April 16, 2026, he explained that while a stable currency is often viewed positively, it can discourage exporters and deepen Ghana’s reliance on imported goods.

He pointed out that when the cedi holds steady against the dollar, exporters may see little benefit, questioning the incentive to export if returns remain unchanged.

“Anytime the cedi stabilises, the export sector suffers. The reason is that if the cedi is GH¢10 to $1 and I export and I come back with the same GH¢10, then what is the aim of exporting rather than importing,” he said.

Dr. Atuahene further argued that improvements such as increased foreign reserves could unintentionally reinforce what he described as an “import mentality” unless accompanied by deliberate efforts to boost exports.

He called for a shift towards an export-driven growth strategy, stressing the need to prioritise local production to ease inflationary pressures and strengthen the economy. According to him, Ghana continues to import goods that could be produced locally, which undermines economic sustainability.

He also highlighted rising remittances as an opportunity to expand export capacity rather than drive higher imports, warning that importers currently benefit more than exporters.

“The president himself mentioned that remittances have risen significantly. But instead of expanding the base of exports, we are expanding the base of imports. So importers are happy, and are winning, at the detriment of exporters,” he added.

Dr. Atuahene emphasised the need for policy reforms to support exporters and reduce dependence on imports, cautioning that without structural changes, recent economic gains may not lead to long-term resilience.