Traders in Ghana are calling on the government to urgently address the issue of the exchange rate, which currently stands at GHC15.50 to GHC10.00.
The coalition, known as Ghana Federation of Traders (GHAFET), comprises various trader groups such as the Automobile Dealers Union Ghana and Abossey Okai Spare Parts Dealers Association.
The traders argue that the high exchange rate is threatening the sustainability and viability of their businesses. They claim that fluctuations in currency values have inflated the cost of imports, leading to unsustainable operational expenses and, ultimately, the closure of many businesses.
In a joint press release, the traders emphasized the need for a lower exchange rate to protect their livelihoods. They warned that failure to address the situation promptly would result in a nationwide demonstration.
The traders highlighted the drastic increase in the exchange rate under the current government compared to previous administrations. They pointed out that the depreciation of the cedi not only affects businesses but also erodes traders’ capital.
The coalition urged the government to take decisive action to reduce the exchange rate and support struggling enterprises. They emphasized the importance of prioritizing the welfare of businesses to ensure economic stability and growth.
In conclusion, the traders called on all affected stakeholders to join them in their efforts to pressure the government to address the exchange rate issue promptly. They reiterated their commitment to staging a nationwide demonstration if necessary and provided contact information for media engagement.
The Ghana Federation of Traders is determined to advocate for a resilient economy that fosters prosperity and growth for businesses in the country.
