We should export more and import less
Mr. Charles Yao Mensah, Executive Chairman, Myroc Group of Companies, on Thursday said most value added commodity exporters are not suffering from the Cedi’s tumble.
According to him, the observation has validated the fact that “more export and less import” is the key to the country’s economic development.
Speaking with Ghana News Agency in Tema, Mr. Mensah asked the Export Development and Investment Fund (EDIF) to provide funds on concessionary terms to well meaning domestic exporters to enhance the country’s economic growth.
“EDIF can put in place effective and efficient measures that would for instance, enable the creation of at least five big exporters, who can bring in 50 million dollars each a year and set a target for 10 years to generate more revenue to stabilize the value of the cedi.
Mr Mensah called on the Government to give EDIF a free hand to use the expertise of the various professionals and academics to generate the ideas needed to establish a well grounded export base.
He appealed to the government to help resource the private sector to stop depending on foreign imports and rather look for substitutes to empower “a conscious export drive”.
He called for the restriction on the importation of luxurious goods and rather channel such funds into the health and education sectors to improve the welfare of the ordinary Ghanaian to enhance productivity.
Mr Mensah said global economic forces are unforgiving so all attempts should be done to put Ghana first in all matters of economics to avoid a bleak future.r
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