Finance Minister, Ken Ofori Atta has said that despite the challenges facing the country at the moment, the Cedi is doing better than it did in 2014 and 2015 when Mr. John Dramani Mahama was the President of Ghana.
“The cedi has not been spared. Cumulatively, our local currency has depreciated by 15.6% against the US dollar, and 13.4% and 13.3% respectively against the Pound Sterling and Euro, in the year to 23rd March 2022. This, understandably, is causing a lot of anxiety among traders and consumers alike. However, we also need to recognize that, in spite of it all, the cedi has held under these extreme challenges better than it did between 2014 and 2015. This is because the fundamentals are stronger. The Bank of Ghana has announced measures to address the exchange rate depreciation and we believe in the propriety of the measures they outlined on Monday.” Ken Ofori-Atta said
The cedi has been going through some troubles over the period. It is currently trading beyond 7 cedis to the dollar. Analysts have predicted it is most likely to cross 8.
Following this situation, the Importers and Exporters Association of Ghana has said consumers in Ghana should prepare to pay more for goods and services.
Executive Secretary of the association, Samson Awingobit, said members of his association have no option but to pass on the high cost of importing goods on to the consumer.
Mr Awingobit told journalists in Accra on Tuesday March 8 that “The business community is worried and consumers should also be worried because at the end of the day if an importer will have to go through and bring goods under this high cost rate of the dollar to Ghana cedis, 7.4 per dollar as we speak, it tells you that goods and services prices will have to go up.
“That will not be well for the Ghanaian consuming public looking at the economic situation of the ordinary Ghanaian.
