Ghana’s overdependence on imports must stop – Finance Minister

The Finance Minister, Ken Ofori-Atta, has lamented the country’s overdependence on imports, insisting it contributes to the depreciation of the cedi.

Finance Minister, Ken Ofori-Atta

According to him, government will make changes in fees at the ports in order to make business more friendly.

He said Ghana’s continuous overdependence on imports poses damning consequences for the economy.

“The country’s overdependence on imports also contributes to the cedi’s depreciation,” the Minister told the Daily Graphic.

“We are going to have a comprehensive review of all our port charges and statutory fees at the ports to ensure that we have efficient and competitive ports so that we don’t import inflation from outside.”


The cedi has depreciated to a record low, with the US dollar currently selling at between GH¢5.55 and GH¢5.75. 

Touching on this, Mr. Ofori-Atta maintained that the fundamentals of the economy are still strong.

“I think people must understand that the fundamentals are strong and we have kept faith with regard to making sure that the fiscal consolidation and the macroeconomic stability go on even against all odds and pressures,” he stated.

For Ghana’s economy to grow, he said, the country must be “export-driven so that we are not subjected to the uncertainties in the US market.”


“I think the buffers of the responsibility, the advisory council and all will lead to stability but for us, as an import-dependent country, that has to change because that fundamentally affects the whole issue of foreign exchange,” the Finance Minister said.

He added: “That is why we will embark on this comprehensive review at the ports and also begin the full support of the one district, one factory (1D1F) and the Planting for Food and Jobs so that we can reduce our imports.” 


Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or: