The Minority in Ghana is speaking out about the ongoing challenges facing the Ghana Cedi and the potential for things to get worse. According to reports, the current exchange rate has hit GH₵15, leading traders to pass on the costs to consumers, resulting in higher prices for goods and services.
During a press briefing in Parliament, Minority Leader Dr. Cassiel Ato Forson expressed concern over the negative impact of the Cedi’s depreciation on businesses in key commercial districts like Okaishie, Abossey Okai, and Kejetia. Despite significant inflows of foreign exchange from organizations like the IMF and the World Bank, the government’s management of the currency continues to contribute to its steep decline.
Dr. Forson criticized the Economic Management Team led by Vice President Alhaji Bawumia, stating that their decisions have not been effective in stabilizing the Cedi. He called out the Vice President for being more focused on his election campaign than addressing the currency crisis, highlighting the detrimental effects on businesses and the wider economy.
Traders across the country have also expressed distress over the impact of the depreciating currency, with some businesses facing mounting debts. The Food and Beverages Association of Ghana (FBAG) noted that many entrepreneurs operate on credit, making it challenging to repay importers due to the weakened currency.
The situation has been described as a crisis, with FBAG’s Executive Chairman, John Awuni, highlighting the erosion of working capital for businesses. The Ghana Union Traders Association (GUTA) has also voiced frustration over the current state of the local currency, indicating the widespread impact on the business community.
As the Cedi continues to depreciate, concerns are mounting over the long-term effects on Ghana’s economy and the need for urgent interventions to stabilize the currency. It remains to be seen how the government will respond to these challenges and address the concerns raised by the Minority and various trade associations.
