The National Treasurer of the Association of Ghana Industries (AGI) and Chief Executive Officer of Coconut Grove Regency Hotel, Mr Ralph Ayitey, has made a strong case for deliberate and strategic support for Ghanaian-owned businesses as a long-term measure to stabilise the cedi and strengthen the national economy.

During an engagement with the Parliamentary Select Committee on Trade, Industry and Tourism on Tuesday, 10th June, Mr Ayitey emphasised the need to reinforce the recent appreciation of the cedi against major international currencies, particularly the US dollar, by scaling up local production and reducing the country’s dependency on imports.

The committee session sought to understand why some service providers and manufacturers had yet to revise their prices or charges downwards in response to the cedi’s strengthening.

“We need to look at encouraging local Ghanaians to indigenise the economy as much as we can because when they make the money, the money stays here,” Mr Ayitey stated. “There has to be a very conscious hand-holding effort to make sure that Ghanaians are wealthy, Ghanaians are prosperous.”

Highlighting innovation among local entrepreneurs, Mr Ayitey cited a recent social media post as an example: “I saw a lady using sugarcane to produce takeaway packs for hotels and the food and beverage industry. These are people we need to encourage. We need to be proud of what we have.”

He called on government to implement business-friendly policies, including the provision of affordable credit, lower interest rates, and improved infrastructure to enhance the capacity of local producers.

His remarks come at a time when economists and market analysts are calling for structural reforms to tackle the root causes of inflation and currency volatility.

Adding to the discussion, AGI Chief Executive Officer Mr Seth Twum Akwaboah informed the committee that several AGI member companies had already responded to the stronger cedi by reducing the prices of goods and services — with some cutting prices by between 15% and 20%.

Industry experts continue to argue that building a resilient and competitive local production base is key to long-term economic stability and inclusive national growth.