A Development Economist, Dr George Domfeh is advocating heavy investment in the agriculture sector of Ghana’s economy.
Apart from creating jobs, he said, an improved agriculture sector will also reduce the overreliance on imported foods.
Dr Domefeh explained that heavy reliance on imports has weakened the strength of the local currency, the Cedi. However, he added, if the agriculture sector is improved and Ghanaians are able to produce more to feed themselves and also export, the Cedi will gain strength.
He said these when speaking at the University of Professional Studies, Accra (UPSA) and the Institute of Economic Research and Public Policy (IERPP) post-budget dialogue 2025 on Friday, March 14.
“Because we are not serious with agriculture and we are not seriously doing anything to cut importation, we depend so much on what others have produced.
“The US experienced the highest inflation in 40 years, and Germany the highest inflation in 70 years, all these, their ruling governments lost. The UK also experienced the highest inflation in about 39 years, almost 40 years and because of that last year July, the conservative party witnessed their worst ever defeats in history because prices have gone up.
“These are the places you go to buy because you haven’t done much with local production. So you depend so much on what people have produced, and if prices over there have gone up, you will also go and buy and sell it at exorbitant prices. You need to take dollars from Ghana to go and buy and so there was heavy pressure on the Cedi,” he said.
He further noted that the present challenges Ghana is facing are due to what has not been done right since 1957 when the West African country gained independence.
“It was unfortunate we blamed everything on the ruling government but I will always say that instead of blaming the government, we should know that it is not because of what we didn’t do right in the year 2022 that got us where we were but what we have refused to do right since 1957.
“Since 1957 we have not been serious and we have to stop the politics and come home to think about who to stop over-dependence. Let us get the agriculture sector improved and when you do that you are creating jobs for the people. Manufacturing, let us get the manufacturing sector improved.
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