Over reliance on imports crippling Ghana's economy - Stephen Banahene

The Vice President of Christian Service University College, Dr Stephen Banahene has blamed Ghana's current economic hardship on the failure of successive governments to reduce the high importation of goods into the country's economy.

According to Dr Stephen Banahene who is also Chartered Marketer and Business Management expert, the over-reliance on imports to manage the economy has crippled major manufacturing companies in the country leading to thousands of Ghanaian workers losing their jobs.

Speaking on the Kumasi-based OTEC FM's Social program "Nyansapo" on Tuesday, February 8, 2022, Dr Banahene urged the government to empower indigenous industries to stimulate growth and create the needed employment in the country.

"The promotion of local industries should be key on any government's agender, this will not only create massive employment but will also generate foreign exchange for the country". He said this while making his submission on the show.

Dr Banahene again emphasized that revitalizing local manufacturing companies will also insulate the falling cedi against the dollar.

The poor performance of the Ghana Cedi as against the United States Dollar according to many experts has been one of the major factors causing the slow growth of the economy.

Meanwhile, Dr Banahene believes that one of the sustainable ways to improve the performance of the cedi on the world market and lay a solid foundation for the country's economy is to reduce imports and focus more on manufacturing in Ghana.