The Chief Executive Officer (CEO) of Dalex Finance, Joe Jackson, has called for a shift in economic policy focus from controlling imports or expanding exports to addressing value leakages in the economy to stabilise the cedi.
He argued that the country’s persistent currency weakness was driven less by trade imbalances and more by the outflow of export earnings through profit repatriation, service payments and debt obligations.
Mr Jackson stressed that without improving domestic retention of export value and strengthening local participation in key sectors, efforts to boost exports or restrict imports would have a limited impact on the cedi’s long-term stability.
“Until Ghana keeps more of each export dollar, export growth alone won’t stabilise the cedi. If Ghana continues to retain less than half the value of its exports, then increasing export volumes alone will not strengthen the cedi and may leave it under even more pressure,” he said.
He made the remarks during a forum dubbed “Evening with Joe Jackson”. It was organised by the Chartered Institute of Marketing, Ghana (CIMG) in Accra last Tuesday evening.
The lecture was on the theme: “Ananse Stories About The Ghanaian Economy”, and it brought together policymakers, business leaders, finance professionals and academia, among others.
It centred on dispelling what Mr Jackson described as myths (likened to legendary Ananse folklores) of the economy, emphasising that the nation’s economic problem was not just policy but “how we interpret the economy”.
The currency myth
The finance executive challenged the widely held belief that the country’s currency weakness was primarily driven by trade imbalances, arguing that available data told a different story.
Citing figures from 2017 to 2024, Mr Jackson revealed that the country consistently recorded trade surpluses, with export values exceeding imports by billions of dollars.
Yet, over the same period, the cedi depreciated significantly against the dollar.
He stressed that if the conventional logic held, the currency should have strengthened, insisting that the persistence of depreciation exposed a deeper structural problem beyond imports and exports.
“We are solving the wrong problems,” he stated.
On the role of small businesses, the Dalex Finance boss dismissed the notion that small and medium enterprises (SMEs) alone could drive economic transformation, describing it as another “Ananse story.”
He said that despite dozens of SME programmes launched over the years, the country had not achieved the expected growth outcomes. He attributed this to the survivalist nature of most SMEs, low productivity, and fragmented, politically influenced support systems.
Drawing comparisons with countries such as Singapore and South Korea, he emphasised targeted support for high-potential firms, arguing that growth is driven by a select group of scalable, productive enterprises rather than the entire SME base.
“There have been over 60 SME funding initiatives from 2016 to 2025. We launched six major initiatives per year. If launching SME programmes created growth, Ghana should be an economic superpower by now,” he said.
The way forward
Mr Jackson proposed a shift towards deeper economic ownership as the pathway to strengthening the cedi and the broader economy.
He called for increased domestic participation in extractive industries, backed by stronger revenue-sharing frameworks similar to those in countries like South Africa and Botswana.
CIMG
The National President of the CIMG, Michael Abbiw, stressed the need for honest reflection on Ghana’s economic realities, urging business leaders to move beyond rhetoric to action.
He stated that while policies and strategies were abundant, the country’s main challenge lay in execution, as results often failed to match intentions.
“The CIMG has, for decades, served as the foremost professional body for marketing practitioners. Our mandate extends beyond certification and professional development. We provide a platform for ideas that stimulate commerce, economic thought and position Ghana competitively on the global stage,” Mr Abbiw added.
Source:
www.graphic.com.gh
