Traders nationwide are expressing deep concern about the severe repercussions of the depreciating cedi on their operations.
The business community is in turmoil as many find themselves sinking into debt due to this development.
According to the Food and Beverages Association of Ghana (FBAG), numerous entrepreneurs rely on selling goods on credit, leading to challenges in repayment for importers.
In an interview on Top Story, FBAG’s Executive Chairman, John Awuni, characterized the situation as a crisis affecting various product lines.
FBAG is not alone in facing these challenges.
Previously, the Ghana Union Traders Association (GUTA) voiced its frustration with the current state of the local currency.
In a statement signed by its president, Dr. Joseph Obeng, the association lamented that the depreciation of the cedi has created significant difficulties for the business community, particularly within the trading sector.
It further highlighted the economic hardship exacerbated by escalating freight charges from Asia, making the cost of doing business increasingly unbearable.
“The current state of affairs has far reaching implications and has caused prices of goods and services to increase for the consuming public.”
According to the Association, the falling cedi has caused inflationary pressures that have driven up the cost of commodities, making it harder and harder for enterprises to survive.