The Ghana Federation of Traders, comprising all trade union associations, has urgently appealed to the government to take immediate steps to reduce the exchange rate from GH¢15.50 to GH¢10.00. This move is aimed at supporting traders and ensuring the sustainability of businesses.
In a press release dated May 26, the federation expressed serious concerns about the current exchange rate, stating that it poses a significant threat to the viability of their businesses.
They argued that the high exchange rate not only hampers growth prospects but also imposes severe financial strain, putting their ability to stay operational and retain their workforce at risk.
Highlighting the historical performance of the cedi against the dollar under successive governments, the federation emphasized the severity of the current situation. They noted that in 2008, the cedi was valued at GH¢1.057 to the dollar, which increased to GH¢1.972 by 2012 and GH¢3.945 in 2016. Under the current administration, the rate has surged to GH¢15.50, a situation the federation described as harmful to business owners, consumers, and the general population.
The traders stressed that if the issue is not promptly addressed, it will have dire consequences for businesses.
They urged the government to stabilize the exchange rate to create a more favorable business environment.
“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 rise up…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.”
“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,” he stated.