The Chief Executive Officer of the Association of Ghana Industries (AGI), Seth Twum Akwaboah, has underscored that maintaining a stable cedi is far more crucial for Ghana’s economic growth than short-term fluctuations in its value.

Speaking at the Association’s annual general meeting (AGM) in Tema, Mr. Akwaboah commended government for the recent improvements in the macroeconomic environment, highlighting a drop in the policy rate, easing inflation, and relative stability in the exchange rate.

“We’ve seen the policy rate fall quite significantly, inflation has declined, and the exchange rate has performed reasonably well — at one point, the cedi even appreciated notably,” he said.

He, however, cautioned against placing too much focus on either appreciation or depreciation, stressing that what businesses need most is predictability.
“It’s not about whether the cedi appreciates or depreciates — what we need is stability. If the currency remains predictable for a reasonable period, businesses can plan effectively,” he explained.

Despite the positive trends, the AGM also revealed that many local companies are struggling as the cedi’s recent appreciation has triggered a surge in parallel imports, undermining domestic producers.

Mr. Akwaboah warned that while consumers might benefit from cheaper imports, the rise in smuggling, under-declaration, and under-invoicing of goods poses a major threat to local industry.
“People are taking advantage of the situation to smuggle goods into the country. Under-declaration and under-invoicing are hurting local manufacturers,” he noted.

He therefore urged government to strengthen border surveillance and enforcement systems to curb these practices and provide targeted support for domestic firms affected by unfair competition.

The AGI also called on authorities to prioritise the fight against parallel imports to protect local industries and help advance the 24-hour economy policy through import substitution.

Members further expressed concern over the absence of Customs officials at the AGM, describing it as a missed opportunity to address persistent bottlenecks in goods clearance at the ports, including delays that often lead to demurrage due to documentation challenges.
It was resolved that Customs representatives would be present at all future AGI engagements, including AGMs.

The Tema Regional Chairman of AGI, Eddie Akwetey, emphasized the need for affordable and reliable energy to sustain industrial operations. He also encouraged companies in the Ningo-Prampram district to join the Tema chapter and take advantage of available land for industrial expansion.

The meeting also provided a platform for aspiring AGI executives to interact with members ahead of the association’s upcoming elections, scheduled for November 27, 2025.