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Ghana must permanently fix economic fragility-Policy Analyst

Mr Stephen Apolima, a Policy analyst and Researcher says the deep structural fragility of Ghana’s economy must be properly tackled, rather than “soothing” it with dollar injection.
“The Bank of Ghana, in its anxious bid to stabilise the cedi, often behaves like a physician who soothes a fever without curing the infection.
Mr Apolima, in an interview with the Ghana News Agency said, “Each injection of foreign currency into the veins of the market cools the patient-economy momentarily, yet the sickness remains untouched, pulsing quietly beneath the surface.”
He stated that Ghana must not continue to live on borrowed breath explaining that “Our economy inhales imports and exhales dependency.”
Again, the country’s industrial base, weak and weary, could scarcely support the weight of her consumption because exports, which were modest and often raw, told a story of a country that sold its inheritance for a daily bread, Mr Apolima said.
The Policy Analyst urged the BoG not to treat currency weakness with temporary infusions, saying, “the BoG’s must dream beyond the next balance sheet.”
The cedi would not find peace in the vaults of foreign banks but in the quiet hum of Ghanaian factories; in the cocoa that is processed locally, not shipped raw; in the minerals refined, not smuggled; in the rivers restored, not ruined, he said.
He said the BoG should learn to anchor policy in productivity, arguing that when the government became fully aware that environmental protection was key economic policy, then perhaps the cedi would no longer need artificial resuscitation.

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