He noted that the overreliance on imported goods is one of the factors affecting the local currency and the economy in general.
Delivering his address on Sunday October 30, Mr Addo said “We must, as a matter of urgent national security, reduce our dependence on imported goods, and enhance our self-reliance, as demanded by our overarching goal of creating a #GhanaBeyondAid.
“Bottled water and ceramic tiles, and others which, with intensified government support and that of the banking sector, can be manufactured and produced in sufficient quantities in Ghana. Government will, in May 2023, that is six (6) months from now, review the situation. To this end, we will review the standards required for imports into the country, prioritise the imports, as well as review the management of our foreign exchange reserves, in relation to imports of products such as rice, poultry, vegetable oil, tooth picks, pasta, fruit juice .”
He further indicated that the implementation of the One District One Factory initiative will heap produce more local goods for domestic consumption and also expert.
The aim is to expand export and limit import, he said.
Mr Akufo-Addo further warned persons who are publishing false news about the currency.
He said the relevant state security agencies will come after such persons.
He cautioned against talking down the Cedi.
He also warned against speculation which leads to panic in the system.
He said “Fellow Ghanaians, as the French would say, l’argent n’aime pas le bruit, to wit, money does not like noise, ‘sika mpɛ dede’. Where there is chaos, where there is noise, where there is unrest, you will not find money.
“Money doesn’t like noise. If you talk down you currency, it will go down, if you allow others to talk down your currency it will go down.”
“All of us have a role to play in straightening the Cedi and stop speculation. Those who publish falsehood resulting in panic, the relevant state agencies will act against such person,” he added.
The Cedi has been struggling against the major trading currencies especially the Dollar.
But it is making some gains recently.
“We are determined to restore stability in the economy,” President Akufo-Addo said.
By Laud Nartey|3news.com|Ghana