Audio By Carbonatix
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
-
The Thomas Partey Case: Presumption of innocence, sovereignty and the World Cup
29 minutes -
Konongo crash leaves multiple injured
48 minutes -
Book Launch: Political Economy of Institutionalising Monitoring & Evaluation Practice in Africa
59 minutes -
Residents protest destruction of sacred Dodowa Forest for interim market Â
60 minutes -
New York Knicks win NBA championship for first time in over 50 years
1 hour -
Panic as body of 67-year-old woman is stolen from Adevukope cemetery
1 hour -
Unidentified road crash victim at 37 Military Hospital yet to be claimed
2 hours -
High Court orders Greater Accra Regional Minister to be served for alleged contempt
2 hours -
Court did not encourage reconciliation in Nyinahin SHS assault case — Judicial Service
2 hours -
Refuse crisis deepens as over 500 Aboboyaa riders queue for hours
3 hours -
McGinn the hero as Scotland clinch memorable victory
4 hours -
Iran win four staff visa appeals but 11 banned
5 hours -
Norway braces for verdict in rape trial of crown princess’s son Høiby
5 hours -
Suspected armed robber dies from gunshot wound after snatching a taxi at La
6 hours -
Over 458,000 children miss school due to child labour in Ghana — CHRAJ
6 hours