The leader and founder of the Union Government political movement, Akwasi Addai Odike, has asserted that Ghana’s excessive dependence on foreign entities for major business activities is a significant factor undermining the strength of the cedi against foreign currencies.
Odike criticized the current state of affairs, stating, “What I am saying is that the 1992 constitution has established indigenous colonizers and have connived and handed over the nation to foreigners, eliminating local businesses from thriving.”
He believes that this reliance on foreign businesses is the primary reason for the cedi’s poor performance in the global market.
According to Odike, the inability of the local currency to hold its value is directly linked to the exclusion of local entrepreneurs from key economic sectors. “If you don’t allow the local people to take up the commanding heights of businesses, the cedi would always depreciate,” he emphasized.
He further challenged the widely held notion among Ghanaian leaders that foreign direct investment (FDI) is essential for economic development. “One thing that is preventing our leaders from thinking and putting effective measures is the conviction that foreign direct investment is the foundation to our economy,” Odike remarked.
He argued that while FDI might contribute to economic expansion, it fails to foster sustainable development within the country. “Foreign direct investment only comes to expand the economy but the money doesn’t stay in Ghana for development,” he added.
