The President of the Association of Ghana Industries (AGI), Dr. Humphrey Ayim-Darke, has voiced concerns about the impact of an overly liberalised market on Ghana's economy.
During an interview on JoyNews' PM Express, Dr. Ayim-Darke expressed reservations about the current extent of market liberalisation, stating that the openness allowing anyone to import a wide range of goods has adverse effects on the country's foreign exchange reserves.
He argued that the unregulated influx of imports muddies the waters and sets off a chain reaction, significantly affecting foreign exchange rates and triggering confusion in the policy and lending sectors.
“We practice a liberalised market where the extent of the libralisation allows every Tom, Dick and Harry to import everything and anything into the country, therefore, they muddy the waters.
“And the cascading effect is that it has a significant impact on your forex and once that happens, it triggers your policy and lending rate and brings a total confusion,” he noted.
He further highlighted the potential consequences of a liberalised economy, emphasising that Ghana, as a middle or low-developing economy, should not adopt an approach where regulations are disregarded.
Drawing comparisons with more developed nations like the United States of America and China, he noted that even in those countries, regulations are not entirely abandoned, contradicting the current trend in Ghana.
The AGI President stressed that the prevailing situation in Ghana allows for individuals to import virtually anything without adequate controls, contributing to the challenges faced by the manufacturing sector.
He asserted that the unbridled free market has taken a toll on local manufacturing, hindering its growth and sustainability.
Advocating for a more controlled approach to imports, Dr. Ayim-Darke urged a reconsideration of the current liberalized economic model.
He suggested that a balanced and regulated system would better serve the interests of Ghana's economy, providing stability and support for the manufacturing sector to thrive.
Latest Stories
-
Checkmate: Unpacking the role of ‘Pawn’ in Ghana’s cinema
5 minutes -
CHAN 2024: ‘There is a bright chance of qualification’ – Didi Dramani on Nigeria clash
7 minutes -
CHAN 2024Q: Black Galaxies coach Didi Dramani ‘refining’ players ahead of Nigeria clash
11 minutes -
GPL 2024/25: Evans Adotey takes interim charge of Medeama until end of the season
25 minutes -
Nebojsa Kapor leaves Medeama following contract expiration
26 minutes -
I was told politics is not for ‘Cantata’ people – Actress Ebi Bright
42 minutes -
Armah Kofi-Buah urges unity in Ellembelle after massive NDC victory
45 minutes -
Fameye’s London show: DJ Chos’ management breaks silence
1 hour -
Supreme Court set to rule on anti-LGBTQI case today
1 hour -
Ghana ‘may square up’ with USA, UK for Olympic medals with focus on boxing – Nii Lante Vanderpuye
1 hour -
We won’t be a disruptive opposition – Miracles Aboagye
1 hour -
Kwame Opoku ‘ready’ for pressure after Kotoko return
2 hours -
Dumelo provides free bus ride for Legon students to travel for Christmas holidays
3 hours -
Mahama forms 5-member team to collect public reports on suspected corruption cases
3 hours -
No recruitment warrants issued after December 7; all processes accounted for in 2024 budget – Information Minister
3 hours