Accra: Mr Stephen Apolima, a policy analyst and researcher, has emphasized the urgent need for Ghana to address the deep structural fragility of its economy rather than relying on temporary measures such as dollar injections. He argues that the Bank of Ghana's approach to stabilizing the cedi is akin to soothing a fever without curing the underlying infection.
According to Ghana News Agency, Mr. Apolima elaborated that each injection of foreign currency provides only a momentary cooling effect on the economy, leaving the fundamental issues unresolved. He highlighted the country's reliance on imports and its resulting dependency, stating that Ghana's weak industrial base struggles to support its consumption needs.
Mr. Apolima urged the Bank of Ghana to move beyond short-term solutions and instead focus on long-term economic stability. He suggested that the cedi's stability lies in enhancing local production, such as processing cocoa locally, refining minerals within the country, and restoring natural resources.
He concluded by advising the Bank of Ghana to anchor its policies in productivity and to recognize environmental protection as a key component of economic policy. By doing so, he believes the cedi can achieve stability without the need for artificial interventions.
