A nationwide coalition of traders’ associations has issued an urgent plea to the government to take swift action to stabilize the exchange rate, seeking a reduction from GHC 15.50 to GHC 10.00.
This adjustment is deemed vital for the sustainability and growth of small and medium-sized enterprises, which are currently grappling with exorbitant operational costs resulting from the volatile currency fluctuations.
The soaring exchange rate has precipitated a crisis, making imports unaffordable and driving numerous businesses to the verge of collapse, resulting in widespread job losses.
The traders contend that a more favorable exchange rate would revitalize businesses, stimulate investment, and energize the economy as a whole.
The cedi’s value has been on a steady downward spiral over the years, with a dramatic free fall under the current government. In just a decade, the exchange rate has skyrocketed from GHC 1.057 per dollar in 2008 to a staggering GHC 15.17 today, leaving business owners and consumers reeling from the devastating impact.
In a stark warning, the traders’ coalition has sounded the alarm that the current exchange rate poses an existential threat to their businesses. Urging the government to take immediate action, they demand decisive measures to reduce the exchange rate and throw a lifeline to struggling enterprises.
With time running out, the traders’ groups have issued a two-week ultimatum, threatening a massive nationwide protest if their pleas fall on deaf ears.
