Members of the Ghana Federation of Traders have threatened to protest against the current exchange rate if the government fails to find a lasting solution to the situation.
Comprising eight groups, the Federation is urgently calling on the government to reduce the exchange rate from GH¢15.00 to GH¢10.00.
The group also argued that the cedi depreciation is affecting their businesses.
Chairman of the Ghana Federation of Traders and President of the Automobile Dealers Union, Eric Kwaku Boateng disclosed the need for decisive measures to address the cedi depreciation issue.
“We are about 8 unions, strong unions let our government know that the way the dollar is climbing, and our cedi is meaningless means that…the business community can’t rise…As I’m speaking, businesses [are] collapsing, In 2 years…my capital can import [only] three containers, from 2014, to 2015, I imported 20 containers a year.
“Now three years down the line, I have imported only three containers. What we, the traders are telling the world, our leaders, and the Ghanaian community as a whole, a lot of unions are coming out to join to demonstrate”.
He added; “We are pleading, urging our president and the vice president that in two weeks, as we said, if we don’t hear anything from them about the dollar from GH15 to GH10…we will let the world hear about us again”.
GUTA added that the economic crisis and the ever-rising freight charges from Asia are making business unbearable.
“The current state of affairs has far-reaching implications and has caused prices of goods and services to increase for the consuming public”.
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GUTA recounts how the inflationary pressures resulting from the depreciating cedi have pushed the cost of goods through the roof, making it increasingly difficult for businesses to stay afloat.
“The purchasing power of the consuming public has been affected, thereby reducing the turnover of businesses”.