We will prioritize industrialization to slash exchange rate – Movement for Change

The Movement for Change has reiterated industrialization as a priority to bolster Ghana’s economy, highlighting its potential to strengthen the cedi against foreign currencies.

Speaking on ABC News Gh on November 4, 2024, Deputy Director of Policy Mr. Courage Nobi reiterated founder Alan Kyerematen’s promise to bring the exchange rate below 5 cedis if elected.

He pointed out that Ghana’s economic fundamentals are currently weak due to a persistent imbalance in imports and exports, saying, “Whenever you are importing more than you are exporting, you are going to have a weak currency. It doesn’t matter what country you are in.”

The Movement for Change has been vocal about making industrialization the cornerstone of its economic policy, aiming to reverse the trend of high imports through increased local production.

Mr. Nobi emphasized that this strategy is crucial for the cedi’s recovery, adding, “And that is why the party rooms for industrialization as its main policy. With that, we are going to increase our export base.”

His remarks align with Mr. Kyerematen’s commitment to establishing a Great Transformational Plan (GTP) to stabilize the economy by reducing the exchange rate and tackling inflation.

During the recent Mega Victory Walk in Greater Accra, Mr. Kyerematen addressed a crowd, voicing his dismay over the economic challenges and promising a pragmatic approach to unemployment, corruption, galamsey, and the struggling economy.

As the Movement for Change rallies support, Mr. Nobi remains optimistic that the GTP’s vision for industrialization will result in “the cedi becoming stronger” by shifting Ghana towards a more export-driven economy.