The Trades Advocacy Group Ghana (TAGG) has voiced deep concerns about the swift decline of the Ghanaian cedi against the US dollar, cautioning that consumers may encounter significant price hikes.
The cedi, which recently fell from GH₵14 to GH₵16 per dollar, is expected to weaken further, with projections suggesting it could hit GH₵20 by December 2024.
This currency devaluation has severely affected traders, driving up the prices of imported goods and contributing to rising inflation.
“Ghanaian traders and businesses are sounding the alarm over the continued depreciation of the Ghanaian cedi against the US dollar and other currencies. This downward trend has significant implications for the country’s economy, particularly as it impacts import costs, inflation, and overall business confidence.