- The Ghanaian cedi has significantly depreciated against major currencies
- The weak cedi has fueled rising business costs, labor unrest, and business closures
- ISSER recommends that the government prioritize stabilizing the cedi
The Institute of Statistical, Social and Economic Research (ISSER) has linked the current economic challenges, including labor unrest, soaring business costs, and business closures, to the persistent depreciation of the Ghanaian cedi.
According to ISSER’s analysis of the mid-year budget review, the cedi has experienced significant devaluation against major currencies over the past three years.
While the pace of depreciation has slowed in 2024 compared to previous years, the currency remains volatile.
The research institution has attributed the rising cost of living, as measured by inflation, to several factors including transportation costs and fuel prices.
To address these issues, ISSER recommends that the government focus on improving infrastructure, particularly in food-producing regions, and take decisive steps to stabilize the exchange rate.
By controlling inflation and strengthening the cedi, the government can create a more favorable business environment and alleviate the economic hardships faced by Ghanaians.
