The Ghana Federation of Traders has vowed to stage a mammoth demonstration against the government if it fails to take immediate action to reduce the current exchange rate of $1.00 to Ghc 15.50 to 1$ to Ghc10.00 in two weeks.
According to the group, as small and medium-sized businesses navigate through unprecedented economic challenges, a lower exchange rate is imperative to foster growth, ensure competitiveness, and safeguard the livelihoods of countless businesses and their employees.
The Traders says the current exchange rate trajectory poses a significant threat to the sustainability and viability of their businesses, citing fluctuations in currency values which have greatly inflated the cost of imports, pushing operational expenses to unsustainable levels. As a result, many businesses are facing mounting financial pressure, endangering their ability to stay afloat and retain their workforce.
Speaking to Daakyehene Ofosu Agyemang on New York-based Adinkra Radio, the Chairman of the Ghana Federation of Traders, Eric Kwaku Boateng said it is evident that a high exchange rate not only hampers the growth prospects of businesses but also undermines the overall economic stability of the nation.
He observed that a comparative performance of the cedi against the dollar rate under successive
government, in 2008, the cedi was Ghc 1.057 to the dollar. 2012 recorded Ghc 1.972 to the dollar,
whereas 2016 recorded Ghc 3.945 to the dollar. But the rate has skyrocketed from Ghc 3.945. to Ghc
15.17 under this current government, and it is distasteful to all business owners, consumers and generally impacts on livelihood.
Eric Kwaku Boateng noted that by reducing the exchange rate, the government can empower businesses to thrive, spur investment, and stimulate economic recovery in these trying times.
“The depreciation of the cedi is not only affecting businesses but also eroding traders of their capital.
Despite numerous government assurances, the situation is still getting worse, and it is obvious that
government is lackadaisical in finding lasting solutions in reducing the exchange rates and also
stabilizing the economy” he lamented.
He noted that Traders play a vital role in driving economic growth, creating job opportunities, and fostering, innovation, however, without immediate intervention to address the exchange rate issue, the future of businesses hangs in the balance.
“We call upon the government to prioritize the needs of businesses and take decisive steps to lower the exchange rate, thereby providing a lifeline to struggling enterprises. We promise to stage a strong nationwide demonstration if government fails to address the situation swiftly in two weeks.
In conclusion, we stand united in our appeal to the government to prioritize the welfare of
businesses by swiftly reducing the exchange rate. Together, we can pave the way for a resilient
economy that offers opportunities for prosperity and growth.”
“We therefore call on all business owners, associations, trade unions and all Ghanaian who have
been negatively affected by the depreciation of the cedi to join the Ghana Federation of Traders to stage a strong demonstration against the government if drastic measures are not put in place in the next two weeks,” he added.
Source: Adinkraradio.com
