The Chief Executive Officer (CEO) of the National Entrepreneurship Innovation Program(NEIP), Kofi Ofosu Nkansah has disclosed that the government’s YouStart Project which is geared towards creating 1million jobs is a solution to the depreciation of the cedi.
“We are running an import driven economy and that is what is crippling many businesses and also the cause of the depreciation of the cedi. The most common food we consume in this country is rice, stew and chicken and many of the ingredients are imported- what we produce isn’t enough therefore we import all of these into the country at a cost of $2Billion- the same amount we go to the world bank to obtain as loan, is exactly what we use for the importation of the goods which could be produced right now in Ghana. If we focus on local production and cut costs on importation, we wouldn’t be running to the IMF for a bailout and that’s how serious the issue is”, he explained to Kwaku Dawuro on Movement In The Morning Show.
According to him, the project will reduce importation and simultaneously release the pressure on the dollar which means the cedi will appreciate.
“So the YouStart is one of the solutions to the Cedi depreciation, it is the long term plan to save the cedi. We should plan our economy till the time where basic things like toothpicks and other things which we need wouldn’t be imported. We should empower our hardworking and vibrant youth and that is why under the Ghana cares program we will encourage local content, local production of things such as machine tools, so that if you’re an individual and you are able to manufacture a sugar processor, a micro one which can produce sugar, bring your proposal and Government will give you a contract to provide services under the Ghana care programmes for the youth”, he concluded.
Video below…