Financial analyst Richmond Atuahene has cautioned that the recent stability of the Ghana cedi could be undermining the country’s export sector, warning that current economic trends continue to favour imports over local production.
Speaking in an interview on April 16, 2026, Dr. Atuahene argued that while currency stability is often viewed as a positive development, it may inadvertently reduce incentives for exporters.
“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.” - Richmond Atuahene
According to Dr. Atuahene, recent gains such as improved foreign reserves risk reinforcing what he described as an “import mentality” within the economy if not matched with deliberate export-focused policies.
“When we say the cedi has stabilised and we have reserves, all these things are made to support the import mentality that we have. We need to change that mentality.” - Richmond Atuahene
He warned that an economy tilted toward imports could weaken local industries and limit Ghana’s ability to build long-term resilience.
Call for Export-Led Growth Strategy
Dr. Atuahene emphasized the need for a strategic shift toward export-led growth, stressing that boosting local production is essential for reducing inflationary pressures and strengthening the economy.
“We need to see that if we use an export methodology instead of an import methodology, people will not be dwelling too much on inflation.
"We import literally everything, even things we can grow here.” - Richmond Atuahene
He added that increasing domestic production and expanding export capacity would help create jobs while stabilizing prices over the long term.
The analyst also highlighted rising remittances as a missed opportunity to strengthen the export base. Instead of supporting productive sectors, he said, these inflows are largely fuelling imports.
“The president himself mentioned that remittances have risen significantly.
"But instead of expanding the base of exports, we are expanding the base of imports. So importers are happy, and are winning, at the detriment of exporters.” - Richmond Atuahene
Dr. Atuahene concluded by calling for targeted policy reforms to support exporters and reduce reliance on imports. He warned that without a structural shift in economic strategy, Ghana’s recent gains may not translate into sustainable, long-term growth.
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