A coalition of traders groups from across the country has urged the government to act immediately to lower the exchange rate from GHC 15.50 to GHC 10.00.
They contend that small and medium-sized enterprises, which are currently grappling with high operating costs as a result of volatile currency values, depend on this reduction to survive and expand.
Due to the high exchange rate, imports are now more expensive, driving small and medium-sized businesses to the verge of bankruptcy and creating job losses.
The traders believe that a lower exchange rate would help businesses thrive, attract investment, and boost the overall economy.
The value of the cedi has been declining historically. From GHC 1.057 to the dollar in 2008, it increased to GHC 1.972 in 2012 and GHC 3.945 in 2016.
Under the current government, it has soared to GHC 15.17, causing distress among business owners and consumers. Traders are essential to the economy, job creation, and innovation.
However, in a press release, they noted that the current exchange rate threatens their future.
The association of merchants is imploring the government to prioritize the interests of businesses and move quickly to lower the exchange rate.
They argue that such measures would provide a lifeline to struggling enterprises. Additionally, the trade associations have threatened a massive countrywide protest if the government does not take action within the next two weeks.
