Cedi Depreciation: Bring Down The Exchange Rate To GH₵10 – $1 Or Face Our Wrath – Traders Warn Govt

A nationwide coalition of traders’ associations has issued an urgent plea to the government, calling for swift action to stabilize the exchange rate and seeking a reduction of the rate of US$1 from GH¢15.50 to GH¢ 10.00.

This adjustment is considered crucial for the sustainability and growth of small and medium-sized enterprises (SMEs), which are currently struggling with exorbitant operational costs due to volatile currency fluctuations.

The escalating exchange rate has triggered a crisis, rendering imports unaffordable and pushing numerous businesses to the brink of collapse, leading to widespread job losses.

The traders argue that a more favourable exchange rate would rejuvenate businesses, spur investment, and invigorate the economy at large.

Over the years, the cedi’s value has been in a steady decline, with a dramatic downturn under the current administration.

The exchange rate has spiked from 1.057 cedis per dollar in 2008 to an alarming 15.17 cedis to a dollar today, causing significant distress for business owners and consumers alike.

In a stark warning, the traders’ coalition has declared that the current exchange rate poses a dire threat to their livelihoods.

They urge the government to take immediate action, demanding decisive measures to lower the exchange rate and provide a lifeline to floundering enterprises.

As time is of the essence, the traders’ groups have given a two-week ultimatum, threatening to initiate a massive nationwide protest if their demands are not met.

Speaking to the Chairman of the Ghana Federation of Traders and President of the Automobile Dealers Union, Eric Kwaku Boateng, stated that firm actions must be taken to reduce the exchange rate.

He warned that the group will organise a nationwide protest if the government does not promptly address the issue in two weeks.

“We are about 8 unions, strong unions let our government know that the way the dollar is climbing, and our cedi is meaningless means that…the business community can rise up…As I’m speaking, businesses [are] collapsing, In 2 years…my capital can import [only] three containers, from 2014, to 2015, I imported 20 containers a year.

“Now three years down the line, I have imported only three containers. What we, the traders are telling the world, our leaders, and the Ghanaian community as a whole, a lot of unions are coming out to join to demonstrate.”

“We are pleading, urging our president and the vice president that in two weeks, as we said, if we don’t hear anything from them about the dollar from GH15 to GH10…we will let the world hear about us again,” he stated.

 

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