{"id":3111,"date":"2019-03-20T12:51:29","date_gmt":"2019-03-20T12:51:29","guid":{"rendered":"https:\/\/www.aptnewsghana.com\/?p=3111"},"modified":"2019-03-21T12:58:54","modified_gmt":"2019-03-21T12:58:54","slug":"high-imports-cause-of-falling-cedi-akufo-addo","status":"publish","type":"post","link":"https:\/\/www.aptnewsghana.com\/index.php\/2019\/03\/20\/high-imports-cause-of-falling-cedi-akufo-addo\/","title":{"rendered":"High imports cause of falling Cedi &#8211; Akufo-Addo"},"content":{"rendered":"\n<p>Ghanaians taste for foreign goods, President Akufo-Addo has said, is the reason for the yearly <a href=\"https:\/\/www.aptnewsghana.com\/index.php\/2019\/01\/29\/bog-rules-out-fixed-exchange-rate-regime-to-check-cedi-fall\/\">depreciation of the cedi<\/a>.<\/p>\n\n\n\n<p>He&nbsp;believes\n that if Ghanaians manufactured some of the many products they import \nand or patronised locally made goods, the local currency\u2019s yearly \ndepreciation will not occur.<\/p>\n\n\n\n<p>According\n to President Akufo-Addo, the depreciation of the cedi touches everyone \nin the country and \u201cI am thinking that our public discourse should also \nbegin to focus much more on some of the structural problems involved in \nour currency. Yes, there are moments when you can fall\u2026but there are \nstructural problems we so far, do not articulate loudly enough in my \nview.<\/p>\n\n\n\n<p>\u201cWe  live in a country where we are overly dependent on the <a href=\"https:\/\/www.investopedia.com\/articles\/investing\/100813\/interesting-facts-about-imports-and-exports.asp\">importation of  things for our daily sustenance<\/a>, things we can produce we continue to  import them and at the same time, we don\u2019t generate enough exports. <\/p>\n\n\n\n<p>\u201cThat\n is the issue on the current account, the persistent deficit in our \nnational income statistics on current account. That is what gives rise \nto the frailty or our currency,\u201d the President said.<\/p>\n\n\n\n<p>He was addressing a delegation from the Ghana Bar Association (GBA) led by their president, Anthony Forson.<\/p>\n\n\n\n<p>Mr\n Forson who raised concerns about the depreciating cedi during their \ninteraction with the president asked that something is done about the \nsituation.<\/p>\n\n\n\n<p>His\n concerns follow the sharp depreciation of the cedi against its major \ninternational trading currencies especially&nbsp;the dollar, last week. The \ncedi depreciated from \u00a24.9 to around \u00a25.6, sparking fears among the \nbusiness community.<\/p>\n\n\n\n<p>It, however, appears to have started a marginal appreciation this week, selling at \u00a25.3 cedis to the dollar on Tuesday.<\/p>\n\n\n\n<p>But the president wants long terms measures to taken to halt the annual depreciation.<\/p>\n\n\n\n<p>He\n said the over-dependence on imports has been understood to be \u201cthe \norigin of the real fragility of our currency, like all social and \npolitical problems, once you are able to attract people\u2019s attention \nthen, of course, solutions follow. <\/p>\n\n\n\n<p>\u201cBut\n if consistently, you are just harping at the periphery, you never get \nto the centre of the issue and this is the centre of the matter.<\/p>\n\n\n\n<p>\u201cIf\n you buy things from abroad, you are creating work outside Ghana which \nyou could create inside this country. We need to focus on that and at \nthe same time be much more competitive in our attitude to the things \nthat we produce.\u201d<\/p>\n\n\n\n<p>President\n Akufo-Addo disclosed that the Trade Ministry will soon come out with \nthe list of Ghana\u2019s import profile so Ghanaians see what they use their \nmoney to buy.<\/p>\n\n\n\n<p>\u201cI\n am prepared to bet that 70 per cent of the things on that list are \nthings we could produce for ourselves in this country,\u201d the President \nsaid adding, \u201cThis is the importance of the One District One Factory \ninitiative.\u201d<\/p>\n\n\n\n<p>\u201cIt  is not just a political gimmick it is an attempt to address the issue  of being more self-reliant. This whole Ghana Beyond Aid mantra that is  now abroad is about that. It is about self-reliance, of doing for  ourselves things that we continue to depend on people to do.\u201d<\/p>\n\n\n\n<p>credit: myjoyonline.com<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>Ghanaians taste for foreign goods, President Akufo-Addo has said, is the reason for the yearly depreciation of the cedi. He&nbsp;believes that if Ghanaians manufactured some <a class=\"mh-excerpt-more\" href=\"https:\/\/www.aptnewsghana.com\/index.php\/2019\/03\/20\/high-imports-cause-of-falling-cedi-akufo-addo\/\" title=\"High imports cause of falling Cedi &#8211; Akufo-Addo\">[&#8230;]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":3103,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_newsletter_tier_id":0,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[16],"tags":[522],"class_list":["post-3111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-president-akufo-addo"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>High imports cause of falling Cedi - Akufo-Addo - Apt News Ghana<\/title>\n<meta name=\"description\" content=\"He believes that if Ghanaians manufactured some of the many products they import and or patronised locally made goods, the local currency\u2019s yearly depreciation will not occur\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.aptnewsghana.com\/index.php\/2019\/03\/20\/high-imports-cause-of-falling-cedi-akufo-addo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"High imports cause of falling Cedi - Akufo-Addo - Apt News Ghana\" \/>\n<meta property=\"og:description\" content=\"He believes that if Ghanaians manufactured some of the many products they import and or patronised locally made goods, the local currency\u2019s yearly depreciation will not occur\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.aptnewsghana.com\/index.php\/2019\/03\/20\/high-imports-cause-of-falling-cedi-akufo-addo\/\" \/>\n<meta property=\"og:site_name\" content=\"Apt News Ghana\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-20T12:51:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-21T12:58:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.aptnewsghana.com\/wp-content\/uploads\/2019\/03\/nana-addo-climate-chaange.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"275\" \/>\n\t<meta property=\"og:image:height\" content=\"183\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Editor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Editor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.aptnewsghana.com\/index.php\/2019\/03\/20\/high-imports-cause-of-falling-cedi-akufo-addo\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.aptnewsghana.com\/index.php\/2019\/03\/20\/high-imports-cause-of-falling-cedi-akufo-addo\/\"},\"author\":{\"name\":\"Editor\",\"@id\":\"https:\/\/www.aptnewsghana.com\/#\/schema\/person\/26a4fa2e1ccac2c31f11b3186d0240fa\"},\"headline\":\"High imports cause of falling Cedi &#8211; 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