Alan Kyerematen vows to prioritize boosting exports and cutting down on imports.

Alan Kwadwo Kyerematen, leader of the Alliance for Revolutionary Change (ARC), has unveiled a bold agenda to prioritize boosting exports and curtailing imports in Ghana, aiming to address the country’s economic challenges.

During the launch of his “Great Transformation Agenda,” Kyerematen highlighted the critical need to correct Ghana’s trade imbalance, which he believes is straining the economy without adequate attention from current leaders.

“How many times have you heard a Ghanaian Head of State talk about export? But at last, if you want to stabilize your currency that is the only solution because it is only when you have a consistent and substantial flow of foreign currency that is chasing the dollar that you can stabilise your local currency,” Kyerematen emphasized.

Central to his strategy is the promotion of exports to increase the supply of foreign exchange, which he argues will play a pivotal role in stabilizing the depreciation of the Ghanaian cedi within a maximum period of one year.

To mitigate the impact of currency depreciation on essential commodities like petroleum and medicines, Kyerematen proposed fixing the foreign exchange rate for their importation below prevailing market rates in the short term. This measure aims to curb inflationary pressures linked to currency fluctuations.

Acknowledging Ghana’s dependence on imported petroleum products until local oil and gas resources are fully utilized, Kyerematen stressed the necessity of insulating the prices of strategic imports from currency depreciation effects.

“If your cedi is depreciating and you allow the exchange rate, the depreciating rate to influence the price of petroleum products, then obviously the prices of all goods because the multiple effects of petroleum will always be on the rise, so you have to ring-fence the depreciation of the cedi in respect of the product, if we do this we will stabilise the currency,” he affirmed.