A development Economist at the University of Ghana, Dr George Domfe, says until Ghana is able to produce enough for its citizens and export, the local currency, the cedi, will continue to suffer.
Sharing his views at the ABC News’ organised Economic Symposium in Accra, last week Thursday, Dr. Domfe held that the fundamentals of the economy are still weak and until that is changed the cedi will continue to reel under the weight of the US dollar.
“We have not been producing enough for ourselves and for export, and we have been depending so much on foreign products, there is no way we can get out of this situation. We must produce more to balance the situation,” he said.
He also indicated that there was the need for the country to take its industrial development very serious as that is the only way for the cedi to remain strong against the dollar.
He agreed with the statement that when the fundamentals are weak, the exchange rate will expose you.
In his view, the country is not able to withstand the strength of the dollar because of our weak fundamentals.
The Economic Symposium is the first of a series of programs to be held by ABC News in the coming months.
The maiden edition assembled Professor Isaac Boadi, Dr. George Domfe, Dr. Frank Bannor, David Amoateng and Dr. Charles Atuahene as speakers with Dr. Edwin Obodai Provençal as chairman of the occasion.
