GENERAL NEWS

Cut dollar rate from GH¢15.50 to GH¢10 or face massive demo in 2 weeks – Traders warn

A nationwide coalition of traders’ associations has issued an urgent plea to the government, calling for swift action to stabilize the exchange rate and seeking a reduction of the rate of US$1 from GH¢15.50 to GH¢ 10.00.

This adjustment is considered crucial for the sustainability and growth of small and medium-sized enterprises (SMEs), which are currently struggling with exorbitant operational costs due to volatile currency fluctuations.

The escalating exchange rate has triggered a crisis, rendering imports unaffordable and pushing numerous businesses to the brink of collapse, leading to widespread job losses.

The traders argue that a more favourable exchange rate would rejuvenate businesses, spur investment, and invigorate the economy at large.

Over the years, the cedi’s value has been in a steady decline, with a dramatic downturn under the current administration.

The exchange rate has spiked from 1.057 cedis per dollar in 2008 to an alarming 15.17 cedis to a dollar today, causing significant distress for business owners and consumers alike.

In a stark warning, the traders’ coalition has declared that the current exchange rate poses a dire threat to their livelihoods.

They urge the government to take immediate action, demanding decisive measures to lower the exchange rate and provide a lifeline to floundering enterprises.

As time is of the essence, the traders’ groups have given a two-week ultimatum, threatening to initiate a massive nationwide protest if their demands are not met.

 

Source: happyghana.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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