The Cedi’s continued depreciation, currently at 15.53 to the dollar, is raising the cost of imports and increasing inflationary pressures, Policy Think tank, IMANI Africa has said.
To stabilize the currency, IMANI suggested that the government must focus on boosting foreign exchange reserves through increased exports, foreign direct investment (FDI), and remittances.
Reducing import dependency by promoting local production, particularly in agriculture
and manufacturing, will also be key, IMANI said.
“Encouraging non-traditional exports—such as processed cocoa, textiles, and tech services—can help Ghana diversify its revenue base and strengthen its external position,” a statement analysing the economy issued by IMANI Africa on Wednesday, April 2 said.
In other areas, IMANI Africa said that if the missing equipment of the Electricity Company of Ghana (ECG) and budget constraints lead to delays in power supply improvements, businesses and households could face more frequent outages, affecting productivity and daily activities.
It noted that concerns over the disappearance of some of these containers have raised questions about ECG’s procurement processes and inventory management.
The exact number of missing containers was initially unclear, but the energy minister has since revealed that 1,300 containers were unaccounted for, prompting further investigations.
Following mounting public outcry, Energy Minister John Abdulai Jinapor visited the Tema Port to assess the situation firsthand.
Expressing his disappointment, the Minister described the issue as unacceptable, stating that such inefficiencies were undermining the country’s efforts to stabilize and improve electricity distribution.
In response, the government established an investigative committee tasked with unraveling the circumstances leading to the missing equipment, assessing ECG’s procurement processes, and recommending corrective measures.
The Minister emphasized that the investigation would also look into the reasons behind ECG’s failure to clear the containers on time and whether procurement regulations were followed in acquiring the equipment.
As investigations progressed, reports surfaced that some of the allegedly missing containers had been found at private warehouses and other unauthorized sites.
Preliminary findings suggest that portions of the equipment meant for ECG projects may have been diverted or improperly allocated without proper documentation.
The Minister has since revealed that authorities have recovered 40 of the 1,300 missing ECG
containers at a terminal in Kpone. This discovery raises further concerns about how the equipment was handled and whether there was intentional mismanagement or theft involved.
Compounding the crisis, the energy sector has also been hit with significant budget cuts, from GHS500 million to GHS 250 million.
“The ongoing issues within the Energy Ministry—including the missing ECG containers, the budget cuts, and the efforts to settle debts owed to power producers—carry significant consequences for both the ministry itself and the broader economy,” IMANI said in a statement analysing the economy.
“The discovery of missing containers raises concerns about mismanagement and accountability within the sector. If key equipment is not recovered, ongoing and future projects may be delayed.
“If the missing equipment and budget constraints lead to delays in power supply improvements,
businesses and households could face more frequent outages, affecting productivity and daily activities,” IMANI said.
