The Ghana Federation of Traders, representing various traders’ groups nationwide, has issued a stern warning to the government, threatening a major protest if the exchange rate is not reduced from GHȼ15.50 to GHȼ10.00 within two weeks.
According to the federation, the current exchange rate is crippling businesses and hindering economic progress. They emphasized that a lower exchange rate is crucial to foster growth, maintain competitiveness, and protect the livelihoods of countless businesses and their employees.
“We call upon the government to prioritise 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,” the federation stated.
The current trajectory of the exchange rate poses a significant threat to business sustainability, with currency fluctuations inflating import costs and pushing operational expenses to unsustainable levels. Many businesses face mounting financial pressure, jeopardising their ability to survive 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 federation added.
Despite government assurances, the situation persists and worsens, eroding traders’ capital and impacting livelihoods. The performance of the cedi against the dollar has shown a worrying trend over successive governments, increasing from GHȼ1.057 in 2008 to GHȼ1.517 currently.
“Traders play a pivotal role in driving economic growth, job creation, and innovation. However, without swift intervention to address the exchange rate issue, the future of businesses remains uncertain. 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,” the federation concluded.
