Ghana is considering discontinuing food imports- Govt. of Ghana is brooding over the matter of discontinuing the rice exports by increasing the production of food grains. Every year US$600m are spent on rice grain imports and on other eatables like sugar, tomatoes, vegetable cooking oil, wheat poultry and frozen fish US$400m expenditure is done. It is hoped that US$1b imports would be reduced by the Govt. by its reckless efforts; it was announced by President Mr Mahama. He showed the willingness of reducing the pressure on local currency. He declared that the economy is weak because of much imports and we need to change the foundation of the economy by changing the import trends of maximum things otherwise there will be chaos and imbalance in economy.
This weak economy needs more strong pillars to be based upon. Only gold, cocoa and natural resources are not enough to make it strong, Mr.Mahama asserted. Exporting oil and creating downstream and midstream petrochemical industry cannot help it long and they need to work beyond this. The Ghanaian currency –Cedi has lost value of nearly seven percent since Jan 2013. The central bank has thrown US$20 million to shore the Cedi up. However it is believed that that imports control cannot control the downfall of currency.