Boost Non-Traditional Exports to Avoid Central Bank Interventions – Economist Urges Govt.
By: Solomon Tetteh Nartey
Economic Analyst Emmanuel Boateng has urged the government to pursue an aggressive export diversification and investment strategy to ensure long-term stability of the Ghanaian cedi without overreliance on central bank interventions.
Speaking on Business Breakfast on Zed 101.9FM, Mr. Boateng stressed that while the Bank of Ghana’s interventions in the foreign exchange (FX) market may provide temporary relief, true currency stability can only be achieved through sustained export growth and a stronger investment climate.
“The central bank’s presence in the FX market should not be the foundation of stability it’s a short-term measure driven by our current situation. Sustainable FX supply must come from export earnings, not central bank intervention,” he said.
He explained that the forces of demand and supply determine the cedi’s exchange rate, noting that increasing export supply remains the most effective way to strengthen the currency over time.
Mr. Boateng called for aggressive export promotion across non-traditional sectors, including value-added manufacturing, regional trade under the AfCFTA, tourism, and digital services. He argued that Ghana must shift from the export of raw commodities to processed and value-added goods to increase its foreign exchange earnings.
“We must move away from the export of primary commodities and focus on exporting value-added products. Expanding our export base is key to building a resilient economy,” he noted.
Mr. Boateng emphasized the importance of improving investment conditions for foreign exchange-generating sectors.
“Foreign Direct Investment (FDI) brings in dollars and builds productive capacity. We need competitive incentives for export-based industries that can attract and retain FDI,” he explained.
He added that sustained growth in FDI has both immediate benefits and long-term impacts on export capacity, making it a crucial pillar of Ghana’s path toward self-sustaining FX market stability.
Mr. Boateng highlighted that achieving a stable cedi requires a coordinated national strategy combining export diversification, FDI attraction, and sound economic management rather than repeated reliance on central bank interventions to support the currency.
