Strong Cedi Is Damaging Local Industry and Employment — Okoe Boye

Former Health Minister and aspiring Greater Accra Regional Chairman of the New Patriotic Party, Bernard Okoe Boye, has cautioned that the recent appreciation of the cedi is negatively affecting local manufacturing and threatening job creation in Ghana.

Speaking on Channel One TV’s Cituation Room on Thursday, May 14, Dr Okoe Boye argued that the current economic conditions are making imported goods more attractive and profitable than locally manufactured products.

According to him, although maintaining a stable currency is important, the government must carefully balance exchange rate policies with the need to protect domestic industries that generate employment opportunities.

He stated that excessively strengthening the cedi could weaken local production because exporters and manufacturers who earn foreign exchange receive fewer cedis when converting their earnings.

Dr Okoe Boye explained that while he is not advocating for a weak currency, there should be a balanced approach that considers the impact of currency appreciation on production and industrial growth.

He warned that the current trend risks increasing Ghana’s dependence on imported goods while reducing the competitiveness of local industries.

According to him, importing products into Ghana is gradually becoming more profitable than producing them locally, a situation he believes results in the creation of jobs outside the country instead of within Ghana.

The former minister also alleged that large amounts of foreign currency have been injected into the economy to support the cedi’s performance.

However, he argued that the policy is placing pressure on manufacturers and local producers who are expected to drive employment and economic expansion.

Dr Okoe Boye maintained that without the right balance between currency stability and industrial support, local businesses could continue to struggle despite signs of exchange rate strength.