Story by, Nsor Paul Mensah
Rev. Azaglo Michael Fiakofi, a prominent figure in Ghana's media and entertainment industry, has urged President John Dramani Mahama to emulate current US President Donald Trump's protectionist economic policies in a bid to address Ghana's struggling economy.
Fiakofi, who serves as the Managing Director of Nation 1 TV and founder of Groom Young Africa Network (GYAN), believes that Ghana's economic challenges, particularly the sharp depreciation of the cedi against the US dollar, can be resolved by implementing policies that prioritize domestic production and reduce reliance on imports.
Ghana's currency has declined by over 55% against the dollar between January and October 2022, leading to increased costs for importers, higher prices for consumers, and a decline in investor confidence. Fiakofi argues that by adopting an "America First" approach similar to Trump's policies, Ghana can strengthen its currency and economy.
However, experts warn that while protectionist policies may provide short-term benefits, they can also lead to trade wars, reduced economic growth, and higher prices for consumers. A more balanced approach that combines domestic production with international trade and investment may be necessary to address Ghana's complex economic challenges.
As Ghana's economic future remains a topic of intense debate, Fiakofi's call for Trump-style policies is likely to generate significant discussion and attention. Finding effective solutions to the country's economic woes will require careful consideration of a range of policy options.