DOLLAR COULD BE SOLD AT GHC20 BY END OF 2024 – Kofi Amoabeng

“So I wouldn’t be surprised if the cedi by the end of the year is hovering around GHȼ 18 or 20.”

He pointed out that the cedi is facing challenges due to the country depending too much on imports and experiencing a decrease in exports.

He claims that Ghana’s export of resources is insufficient, with even cocoa exports, once substantial, now in decline.

He stated that nations with thriving export sectors see significant economic expansion, whereas those depending heavily on imports encounter economic difficulties.

Mr. Amoabeng stressed the importance of improving infrastructure, strategic planning, and holistic approaches to tackle these problems. He further emphasized that lack of support is causing agricultural workers to exit the industry.

 “So, unless we look into ourselves and take pragmatic action to reduce…initially it should be harsh, but certain things shouldn’t even be imported at all.

“So why is it that we’ve been forced to import things that we cannot pay for, I don’t get it.”

Mr. Amoabeng recommended shifting attention to domestic rice cultivation rather than depending on imported rice, in order to decrease the country’s reliance on imports.