Innovations needed to tackle dollarisation challenges, says AGI

Dr. Humphrey Ayim Darke, President of the Association of Ghana Industries (AGI), has urged the government to adopt innovative strategies to tackle Ghana’s exchange rate volatility and strengthen the cedi.

On Joy News’ PM Express Business Edition, he emphasized the need for bold policies to boost foreign exchange inflows, including leveraging remittances and tourism.

Dr. Darke highlighted successful remittance models in countries like the Philippines and India, proposing similar frameworks for Ghana to maximize labor exports and remittance income.

He also advocated for a tourism drive to generate immediate revenue, suggesting these two initiatives could help bridge a $10 billion fiscal gap by $4 billion.

Additionally, he called for targeted support to scale up existing export companies for faster foreign exchange generation. Stressing the importance of a holistic approach, Dr. Darke underscored the need for a resilient economy less reliant on foreign currency.