The government has been given a two-week deadline by the Ghana Federation of Traders to adhere the cedi to GHC10.00, failing which the business associations will stage protests.
Leading Forex Bureaus are now selling the cedi for between GHC15.17 and GHC15.65.
In a statement released on Sunday, May 26, the federation emphasised that their businesses are under “a significant threat” due to the present trajectory of the cedi devaluation.
We're now on WhatsApp. Click here to join.
Furthermore, the federation emphasised that company owners have lost almost 20 percent of their capital year to date and emphasised that the depreciation of the local currency is equivalent to the depletion of capital.
“A voice of traders’ groups from all throughout the country has united today to demand that the government act quickly to lower the exchange rate from GHC 15.50 to GHC 10.00.
A lower exchange rate is essential to promote growth, ensure competitiveness, and protect the livelihoods of countless businesses and their employees as small and medium-sized businesses navigate through unprecedented economic challenges.
The sustainability and viability of our businesses are seriously threatened by the current trajectory of exchange rates.
Currency exchange rate fluctuations have driven up import costs significantly and driven up operating costs to unaffordable levels.
A piece of the statement said, “As a result, many businesses are facing mounting financial pressure, endangering their ability to stay afloat and retain their workforce.
Furthermore, because the NPP pledged to lower the rate in the lead-up to the 2016 election, the Federation of Traders emphasised that the present currency rate under the Akufo-Addo-Bawumia administration is “distasteful to businesses.
