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Ghanaian traders to stage nationwide protest over unfavorable exchange rates

In response to ongoing economic challenges, traders across Ghana are preparing to stage a nationwide demonstration to protest the unfavorable exchange rates that have severely impacted their businesses.

Organized by the Ghana Federation of Traders, the protest aims to draw the government's attention to the adverse effects of the volatile cedi-dollar exchange rate on the trading community.

The traders argue that addressing the exchange rate issue is crucial for the survival and growth of small and medium-sized businesses, which are currently grappling with high operational costs due to fluctuating currency values.

The high exchange rate has made imports more expensive, pushing many businesses to the brink of closure and resulting in job losses.

In a statement, the traders' federation emphasized that exchange rate instability not only affects traders but also has broader implications for the Ghanaian economy.

Higher import costs lead to higher prices for consumers, contributing to inflationary pressures.

This situation is particularly challenging for a country that relies heavily on imports for essential goods, including food, clothing, and electronics.

The Ghanaian cedi has experienced significant depreciation in recent years, causing widespread economic instability.

As of early 2024, the exchange rate hovers around GH¢12 to GH¢13 per US dollar, a sharp decline from the more stable rates of previous years.

This depreciation has profoundly impacted the cost of living, the price of goods, and the overall economic well-being of Ghanaians.

Historically, the cedi's value has been declining.

In 2008, it was GH¢1.057 to the dollar, rising to GH¢1.972 in 2012, and GH¢3.945 in 2016.

Under the current NPP-led government, the cedi against the dollar has soared to GH¢15.17, causing distress among business owners and consumers.

The traders' demonstration aims to highlight the urgent need for government intervention to stabilize the currency and support the business community.

They call for policies that will mitigate the impact of the exchange rate on imports and help sustain small and medium-sized enterprises (SMEs) that form the backbone of Ghana's economy.

By mobilizing for this nationwide protest, the Ghana Federation of Traders hopes to send a strong message to the authorities about the critical state of the economy and the pressing need for measures to curb the cedi's depreciation.

The traders believe that without decisive action, the economic challenges will continue to escalate, further undermining the livelihoods of many Ghanaians and the overall stability of the nation's economy.

Story by: Joshua Kwabena Smith



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