Until we produce enough for ourselves and export, we can never develop - Dr. George Domfe

Dr. George Domfe, a development economist at the University of Ghana, has stated that until Ghana can produce enough for its citizens and export, the cedi, the local currency, will continue to suffer.

Sharing his views at the Economic Symposium organized by ABC News on Thursday, June 13, 2024, at the GNAT Hall in Accra, Dr. Domfe maintained that the fundamentals of the economy are still weak. Until that changes, the cedi will continue to struggle against the US dollar.

"We have not been producing enough for ourselves and for export, and we have been depending so much on foreign products; there is no way we can get out of this situation. We must produce more to balance the situation," he said.

He also indicated that there is a need for the country to take its industrial development very seriously, as that is the only way for the cedi to remain strong against the dollar.

He agreed with the statement that when the fundamentals are weak, the exchange rate will expose you. In his view, the country is not able to withstand the strength of the dollar because of our weak fundamentals.

The Economic Symposium is the first of a series of programs to be held by ABC News in the coming months.

The maiden edition assembled Professor Isaac Boadi, Dr. George Domfe, Dr. Frank Bannor, David Amoateng, and Dr. Charles Atuahene as speakers, with Dr. Edwin Obodai Provençal serving as the chairman of the occasion.