Ghanaians' overdependence on imports must stop, Finance Minister, Ken Ofori-Atta, says

The Finance Minister, Ken Ofori-Atta, has said that the country’s over-dependence on imports must seize.

Ken Ofori-Atta

He argued that the high import rate is a disincentive for the growth of the Ghanaian economy.

“The country’s over-dependence on imports also contributes to the cedi’s depreciation.” 

He told Daily Graphic in an interview that the government will review charges and fees at the ports to make them more business friendly and enhance their competitiveness in West Africa.

This is expected to help promote exports and drive down the importation of foreign goods.

“We are going to have a comprehensive review of all our port charges and statutory fees at the ports to ensure that we have efficient and competitive ports so that we don’t import inflation from outside,” he said.

The Minister added that despite the cedi depreciation against all major currencies, the economic fundamentals remained strong.

He explained that the government had kept faith in making sure that the fiscal consolidation and macroeconomic stability continued.

“I think people must understand that the fundamentals are strong and we have kept faith with regard to making sure that the fiscal consolidation and the macroeconomic stability go on even against all odds and pressures,” he emphasised. 

He further indicated that the government has put in place measures that would ensure stability, but the country’s over-dependence on imports had to change to help consolidate the gains made from the prudent management of the economy. 

“I think the buffers of the responsibility, the advisory council and all will lead to stability but for us, as an import-dependent country, that has to change because that fundamentally affects the whole issue of foreign exchange.” 

“We have to create a country that is export-driven so that we are not subjected to the uncertainties in the US market. That is why we will embark on this comprehensive review at the ports and also begin the full support of the one district, one factory (1D1F) and the Planting for Food and Jobs so that we can reduce our imports,” he added. 

Our newsletter gives you access to a curated selection of the most important stories daily.

Welcome to the Pulse Community! We will now be sending you a daily newsletter on news, entertainment and more. Also join us across all of our other channels - we love to be connected!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Sadio Mane the odd one out as Bayern Munich stars take team photo with glasses of beer

Sadio Mane the odd one out as Bayern Munich stars take team photo with glasses of beer

Africa's richest man, Aliko Dangote, adds extra $915 million to his vast wealth in Q1 2022

Africa's richest man, Aliko Dangote, adds extra $915 million to his vast wealth in Q1 2022