By Ruth Serwaa Asare
As the festive season approaches and Ghanaians prepare for their annual celebrations, the cedi once again finds itself under familiar pressure. At the studios of Radio Ghana 95.7 on Wednesday, December 3, 2025, economist, Dr. Worlanyo Mensah delivered a clear message: ”Ghana cannot continue importing its way out of economic challenges”.
According to him, the country’s best chance at stabilizing the cedi during high demand seasons lies in one simple but powerful shift producing more locally and consuming what we produce.
Dr. Mensah explained that every December, the economy faces a predictable rush. Businesses are importing goods for Christmas sales, expatriate companies are repatriating profits in dollars, and individuals preparing to travel abroad are also scrambling for foreign currency. All these translate into heightened dollar demand and inevitable pressure on the cedi.
But according to him, the real problem goes beyond festive shopping. It is Ghana’s deep appetite for foreign goods, even when local alternatives exist. “The only thing we can do as a country is to produce more. Leadership must signal that we need to consume what we produce here. If we don’t reduce the appetite for foreign goods, we will feel the economic impact every year,” he stressed.
Dr. Mensah highlighted that sectors such as health, education, real estate, aviation, and hospitality continue to price their services in foreign currency ,feeding the demand for dollars and weakening the local currency. He warned that unless Ghana builds a strong productive sector, the cedi will consistently struggle in seasons like this.
He pointed to petroleum as a clear example. Ghana still refines its crude oil outside the country, which means the nation must use foreign currency just to bring back finished products such as petrol and diesel. As long as this continues, he said, pressure on the cedi will remain unavoidable.
The economist, however, acknowledged the efforts of the Bank of Ghana, noting that interventions during this period have prevented what could have been a more severe depreciation. “Without the central bank’s actions, we would easily be looking at 20 cedis to the dollar,” he noted.
He believes continued fiscal discipline, improved investor confidence, and strengthened local production will be crucial for maintaining stability.
As Ghanaians prepare for Christmas, Dr. Mensah urged both businesses and households to be prudent. He advised companies to minimize unnecessary year end spending and encouraged individuals to shift from heavy consumption to small-scale investments that can keep money circulating productively.
In his words, no matter how well the economy is doing at the moment, this is not the time for complacency. Ultimately, Dr. Mensah’s message was simple but profound, Ghana cannot import its way to economic stability. The cedi will only stand firm when Ghanaian shelves, kitchens, and markets reflect Ghanaian made products.
“If we want to reduce festive import pressure, we must produce more locally and we must be proud to consume what we produce.”
