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
