Reduce exchange rate to GH¢10 to $1 or face our wrath

The Ghana Federation of Traders has called on the government to take measures to lower the exchange rate from GH¢15 to GH¢10 or face their wrath.

The federation, which consists of eight groups, contends that the depreciation of the cedi is depleting their capital, thereby jeopardising their businesses.

Currently, a dollar is selling at GHS 14.60 on the forex market and it is significantly up from the GHS 10.97 it was sold for in May 2023.

Eric Kwaku Boateng, the Chairman of the Ghana Federation of Traders and President of the Automobile Dealers Union, stated that firm actions must be taken to reduce the exchange rate.

He warned that the group will organise a nationwide protest if the government does not promptly address the issue in two weeks.

“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.

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