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We need to rethink our economic model, says Amartey Anim

The economist proposed minimising imports as a potential long-term solution to address speculation in the forex market

In the wake of recent fluctuations in the cedi, economist Daniel Amartey Anim has urged the government to consider a fundamental shift in the country’s economic model.

This comes after a press briefing on Friday (24 May) by Finance Minister Mohammed Amin Adam. Adam reassured Ghanaians, stating there was no need for a rush to exchange cedis for dollars.

He cited an expected inflow of US$2.3 billion before year-end, which would strengthen forex reserves and bolster the cedi.

Anim, speaking on Asaase Radio’s Big Bulletin on Monday (27 May), acknowledged the minister’s approach. However, he proposed minimising imports as a potential long-term solution to address speculation in the forex market.

“This issue of we dealing with the forex market basically has to do with the structure of the economy,” he said.

“And going forward as a nation, if we really want to deal with the issue of the dollar and the performance of our local currency, then we need to rethink about our economic model, which is importation of almost everything.”

“So, the balance is that when you have a competitive edge to produce certain items at a competitive rate, you resort to that so that you minimise importation of products into your country and that means that you are going to minimise the use of the dollar in terms of importing to the country.”

“So, the way forward is by largely we minimising the importation of goods into the economy, it adds value to whatever we produce,” Anim concluded.

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