Reduce Dollar Rate to ₵10- Traders to Gov’t

The Ghana Federation of Traders, a group made up of six trader unions, has called for urgent measures in stabilizing the cedi against other currencies like the United States dollars.

The group made up of Automobile Dealers Union, Traders Advocacy Group of Ghana, Ghana Union of Textiles and Garments, Ghana Union of Beauty and Cosmetics and Ghana Union of Secondhand Fridge Dealers plans to stage a protest if the cedi rate is not reduced to GHC10 per a dollar.

In a statement, they highlighted that the depreciation of the cedi is eroding their capital.

“Today, 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 Ghe 15.50 to Ghc10.00. 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 Iivelihoods 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.”

They noted that instituting appropriate and lasting measures to reduce and stabilize the cedi would empower businesses to thrive, spur investment, and stimulate economic recovery.

In its call, the traders urged the government to prioritize the needs of businesses and take decisive steps to lower the exchange rate to provide a lifeline to struggling enterprises or bear their wrath.