President John Dramani Mahama has assured Ghanaian exporters of his administration’s commitment to maintaining a stable economic environment that fosters business growth.
Speaking at an interaction with the Federation of Association of Ghanaian Exporters (FAGE) at the Jubilee House, he emphasized the importance of prudent economic management to ensure predictability for investors.
“When the economy goes out of gear, it affects your businesses directly. I can assure you that we will continue to prudently manage the economy so that you have a predictable environment in which you can make investments, knowing that your return on investments would keep your businesses going.”
He highlighted the recent appreciation of the cedi, noting that its strengthening against the dollar has been closely monitored.
While acknowledging the balance between imports and exports, he stressed the need to maintain a fair exchange rate that supports exporters without making imports excessively cheap.
“Some people say, ‘Oh, it will come down to four.’ But of course, we know the true value of the cedi is not four, and if it went as far down as four, it would kill all your export businesses. Myself, the governor, and the finance minister met and discussed it, and they think that the real value of the cedi is anywhere between 10 and 12.”
Mahama pointed to the Forex auction, which has stabilized the cedi just above 10, suggesting that a range between 10, 11, and 12 would be ideal for balancing exports and imports.
He urged exporters to take advantage of the cedi’s appreciation, noting that cheaper raw materials, lower fuel costs, and reduced port charges would create incentives for their businesses.
“This is a challenge to our exporters, to take advantage of the cedi’s appreciation. Raw materials can be cheaper, fuel has gone down, transporting your products will be cheaper, and port charges will go down. These are incentives for you.”
While encouraging exporters to leverage these benefits, he cautioned importers against flooding the market with unnecessary goods, emphasizing the need for a balanced trade environment.
