Accra, Ghana//-A collective voice of traders groups from across the nation has come together to urgently appeal to the government for immediate action to reduce the exchange rate from Ghc 15.50 to Ghc 10.00.
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 current exchange rate trajectory poses a significant threat to the sustainability and viability of our businesses. Fluctuations in currency values 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.
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. 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 the government is lackadaisical in finding lasting solutions in reducing the exchange rates and also stabilizing the economy.
Looking at the comparative performance of the cedi against the dollar rate under successive governments, 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. The rate has skyrocketed from Ghc 3.945. to Ghc 15.17 under this current government, and it is distasteful to all business owners, and consumers and generally impacts on livelihood.
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 the 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 Ghanaians 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.
(Signed)
Eric Kwaku BOATENG. Chairman
Benjamin Takyi ADDO Director of Communication
David Kojo Amoateng Dep. Director of Communication
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