Cedi stability undermining exports, favouring imports — Atuahene

Financial analyst Richmond Atuahene has cautioned that the recent stability of the Ghana cedi could be weakening the country’s export sector, warning that current economic conditions continue to favour imports over local production.

Speaking on the Citi Breakfast Show on Thursday, April 16, 2026, Dr Atuahene said that while currency stability is often viewed positively, it can discourage exporters by reducing their relative earnings in local currency terms.

He explained that when the cedi remains stable, exporters may not gain sufficient advantage compared to importers, making trade less attractive for export-driven businesses.

“Anytime the cedi stabilises, the export sector suffers. The reason is that if the cedi is GH¢10 to $1 and I export and I come back with the same GH¢10, then what is the aim of exporting rather than importing,” he stated.

Dr Atuahene argued that Ghana’s recent macroeconomic improvements, including stronger reserves, risk reinforcing what he described as an import-dependent economy if not supported by strong export policies.

He said that without a deliberate shift, Ghana could continue to prioritise imports over local production, calling for a more export-driven economic strategy.

According to him, an overreliance on imports undermines efforts to control inflation and build long-term economic resilience.

He further noted that rising remittance inflows present an opportunity to expand export capacity rather than fuel consumption-driven imports.

Dr Atuahene urged policymakers to implement reforms that support exporters and strengthen domestic production, warning that without structural changes, recent economic gains may not translate into sustainable growth.