AGI President warns of detrimental effects of market liberalization on Ghana’s economy
Dr. Humphrey Ayim-Darke, President of the Association of Ghana Industries (AGI), in a candid interview on JoyNews’ PM Express expressed grave concerns regarding the repercussions of an excessively liberalized market on Ghana’s economic stability.
Dr. Ayim-Darke underscored the detrimental effects of unfettered importation, highlighting its adverse impact on the country’s foreign exchange reserves and triggering disruptions across policy and lending sectors.
The AGI President criticized Ghana’s current laissez-faire approach, lamenting that it allows unchecked importation by virtually anyone, thereby impeding local manufacturing and hindering economic progress.
“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.
Drawing parallels with developed economies like the United States and China, Dr. Ayim-Darke emphasized the need for regulatory frameworks, contrasting Ghana’s current trajectory of minimal oversight.
He advocated for a recalibration towards a more controlled importation system, asserting that a balanced regulatory environment would foster the growth and sustainability of Ghana’s manufacturing sector.
Dr. Ayim-Darke’s remarks signal a pressing call to action for policymakers to reassess Ghana’s economic model, prioritizing measures that promote domestic industry while ensuring stability in the face of global market dynamics.
