Alan Kyerematen, 2024 presidential hopeful on the ticket of the Alliance for Revolutionary Change has outlined Macroeconomic Pillars in his Great Transformational Plan for Ghana.
Within his eleven Macroeconomic Pillars, Mr. Kyerematen calls for limiting the use of foreign currency, specifically in the service sectors, to combat the U.S. Dollar to cedi depreciation.
“We have to stabilize our currency. There are countries, even in Africa, where not under any circumstances accept the U.S. Dollars or any other foreign currency to pay for services”.
To combat this, his stable currency policy calls for “stringent regulations to reduce captial flight, particularly in respect of transfer of foreign exchange by companies.”
Additionally, his plan calls for increasing the supply of foreign exchange in the economy, actively promoting exports, and reducing imports through import subsustution by providing incentives for enhanced domestic production by the private sector.
His plan will “promote aggressively the consumption of local products to reduce imported goods.”
He says these policies will stablize the local currency within a maximum of one year.