Cedi free fall: Kyerematen promises fixed forex rate for importers

Mr Alan Kyerematen, the founder and leader of the Movement for Change, has announced plans to establish a fixed exchange rate regime for import duty payments in Ghana for a period not exceeding six months.

This policy, part of his first-year Economic Recovery Plan, aims to reduce the high level of imported inflation in the economy.

Mr Kyerematen presented this initiative during a high-level meeting with members of the Association of Ghana Industries (AGI) at the Coconut Grove Hotel in Accra on May 23, 2024.

He explained that fixing the foreign exchange rate for calculating import duties in local currency would significantly enhance stability and predictability in Ghana’s business environment, ultimately boosting economic prosperity.

The former Trade and Industry Minister assured AGI members that his government would provide the necessary support to the Ghanaian private sector, including fiscal incentives, to drive his Great Transformational Plan for the country.

Mr Kyerematen outlined his comprehensive plan for boosting enterprise development through trade, industry, agriculture, and ICT. Drawing on decades of experience, including his tenure as Regional Director for Enterprise Africa and as the founding Managing Director of the EMPRETEC Foundation, he emphasised his commitment to fostering enterprise growth.

Mr Kyerematen’s work with EMPRETEC helped establish hundreds of enterprises across 13 Sub-Saharan African countries, and he was also among seven international consultants invited by Nelson Mandela’s government to develop a national enterprise development plan for South Africa.

Dr. Prince Kofi Kludjeson, who led AGI between 1999 and 2005, highlighted Mr Kyerematen’s pivotal role in mentoring many successful indigenous businesses in Ghana through the EMPRETEC Foundation.

He urged local business owners facing challenges under current leadership to support Mr Kyerematen’s bid for the presidency.

“I have no doubt that 50% of the challenges of this nation will be addressed under an Alan Kyerematen presidency. That is who he is and what he has been doing throughout his business and political career,” Dr. Kludjeson remarked.

Mr Kyerematen, accompanied by senior members of the ARC and Movement for Change, including Dr. Abu Sakara Foster, Hon. Saddique Boniface, Mr. Akwasi Addai Odike, Mrs. Augustina Cudjoe, and Mr. Henry Asante, appealed to Ghanaian business owners for their support in making him the first Independent President of Ghana, with the vision to “make Ghana arise again.”