Chief Executive Officer (CEO) of the Ghana Chamber of Commerce and Industry, has voiced concerns over the prevailing foreign exchange rate and its effects on businesses.
During his appearance on Joy News’ PM Express Business Edition on September 26, he emphasized that despite the cedi showing some level of stability, the exchange rate remains notably high, significantly impacting businesses, especially those involved in import activities across the nation.
“Despite the stability, the rate is still relatively high. A year ago, we were looking at around ¢10 to the dollar. Now it’s between ¢15 and ¢16.80. If you’re importing or dealing in foreign currency, the impact is obvious,” he stated.
Mr. Badu-Aboagye emphasized that numerous manufacturing firms in Ghana are heavily dependent on imported raw materials, and the weakening of the cedi significantly increases the cost of their operations.