A coalition 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.
They argue that this reduction is crucial for the survival and growth of small and medium-sized businesses, which are currently struggling with high operational costs due to the fluctuating currency values.
The high exchange rate has made imports more expensive, pushing many businesses to the brink of closure and causing job losses.
The traders believe that a lower exchange rate would help businesses thrive, attract investment, and boost the overall economy.
Historically, the cedi’s value has been declining. In 2008, it was GHC 1.057 to the dollar, rising to GHC 1.972 in 2012, and GHC 3.945 in 2016.
Under the current government, it has soared to GHC 15.17, causing distress among business owners and consumers.
Traders are crucial for economic growth, job creation, and innovation.
However, in a press release, they noted that the current exchange rate threatens their future.
The coalition of traders is calling on the government to prioritize the needs of businesses and take decisive steps to lower the exchange rate.
They argue that such measures would provide a lifeline to struggling enterprises.
The traders’ groups have also warned of a strong nationwide demonstration if the government fails to address the situation within two weeks.
