The Ghana Electronics and Musical Instruments Dealers Association is entreating the Finance Minister, Ken Ofori-Atta, to use the mid-year budget review to address exchange rate fluctuations in the country.

The chairman of the association, Vincent Osei, stated that Mr Ofori-Atta should consider pegging the cedi at a fixed rate to reduce the cost of doing business in the country.

Mr Osei indicated that a robust cedi performance will help reduce business costs.

“The main point is the cedi, no businessman in Ghana, if the cedi is fluctuating will be able to work out things well, no businessman,” Mr Osei lamented.

“But if the cedi is pegged at one position, then you, a businessman, will sit and strategise very well. However, if the cedi is not pegged at one position, selling becomes difficult”.

The cedi remained stable in June 2023 and July 2024 against the US dollar, indicating some positive impact of Ghana’s International Monetary Fund (IMF) programme.

According to data from the Bank of Ghana, the cedi’s year-to-date depreciation stood at 22.1% as of July 21, 2023.

This is compared with 22.1% in March 2023, 21.7% in April 2023, 21.8% in May 2023 and 22.0% in June 2023.

The cedi has since recorded some stability against the major foreign currencies till now.