Veteran journalist and Managing Editor of the Insight newspaper, Mr Kwesi Pratt Jnr, has said Ghana’s cedi will only regain strength if the country focuses on boosting local production, particularly in key sectors such as cocoa and rice.
Speaking on Metro TV’s Good Morning Ghana with Moro Awudu, Mr Pratt stressed that production is the only sustainable way to stabilise and improve the value of the cedi.
“But ultimately, what will sustain the value of our cedi or make the value of our cedi appreciate as well is production. Production. Production, production. That’s the only way,” he said.
He pointed to cocoa, Ghana’s main export crop, as an example of how falling production can affect the national currency.
According to him, cocoa output has dropped by more than 50 percent over the last five years, a situation that should be of concern to every Ghanaian.
Mr Pratt noted that although cocoa prices have surged on the international market, Ghana is not reaping the benefits because of its forward sales arrangement. He described this as “a huge problem for the economy,” adding that reviving the cocoa sector should be a national priority.
He also highlighted rice as another potential growth area, saying all sixteen regions in Ghana have favourable conditions for rice cultivation.
“Rice will do so well in all sixteen regions in Ghana,” he said, calling for greater investment in local production to reduce import dependence and strengthen the economy.
Source: metrotvonline.com
