Nana Yaa Jantuah calls for urgent government intervention to halt cedi’s decline amid business struggles

Nana Yaa Jantuah, former General Secretary of the Convention People’s Party (CPP), has made an impassioned plea to the government to take immediate action to stem the ongoing decline of the Ghanaian cedi against major international currencies.

In a heartfelt appeal, Jantuah highlighted the severe impact of the cedi’s depreciation on businesses and the broader economy, warning that continued inaction could lead to even greater hardships for traders and consumers alike.

Speaking in an interview with Kwaku Owusu Adjei on Accra-based Original TV’s "Adwenepa," Jantuah expressed deep concern over the challenges faced by businesses due to the weakening cedi.

She pointed out that the local currency's depreciation against the US dollar and other key trading currencies had triggered a sharp increase in the cost of imported raw materials, which in turn forced businesses to hike prices.

This, she lamented, has placed an unbearable burden on traders who are struggling to keep their operations afloat.

“Most of our raw supplies are imported, and as a result, prices have jumped by 100%. This poses a significant problem to dealers as it compels them to raise prices,” Jantuah explained, her voice tinged with frustration.

She stressed that every business in the country relies on the cedi’s exchange rate against the dollar, making it crucial for the government to intervene and stabilize the currency.

Jantuah painted a vivid picture of the difficulties faced by local businesses, which must compete not only within Ghana but also with counterparts across the West African sub-region.

She warned that if the government does not act quickly to reverse the cedi’s decline, Ghanaian businesses could be outpaced by regional competitors, further exacerbating the economic challenges faced by the nation.

“The government must act quickly to turn the situation around,” Jantuah urged, calling for decisive measures to strengthen the cedi and protect the livelihoods of millions of Ghanaians who depend on the stability of the local currency for their daily survival.

Her plea underscores the broader anxieties felt across Ghana as the cedi’s depreciation continues to ripple through the economy, affecting everything from the price of goods and services to the cost of doing business.

With inflation on the rise and the cost of living soaring, Jantuah’s call for action reflects the urgent need for solutions that can restore confidence in the cedi and provide relief to those bearing the brunt of the economic downturn.

In her interview, Jantuah did not shy away from highlighting the broader implications of the cedi’s fall, noting that the issue is not just an economic one but also a matter of national importance.

She called on the government to prioritize the stabilization of the cedi as part of its broader economic strategy, emphasizing that the well-being of the nation’s businesses and citizens depends on it.

As Ghana grapples with these economic challenges, Nana Yaa Jantuah’s plea serves as a reminder of the critical role that currency stability plays in ensuring the health of the economy and the prosperity of its people.

Her words resonate with the many Ghanaians who are hoping for swift and effective action to safeguard their livelihoods in these uncertain times.

Story by: Joshua Kwabena Smith