The Ghana Federation of Traders has issued a two-week ultimatum to the government to reduce the exchange rate from GH¢15 to GH¢10.
The federation, which consists of eight groups, has announced that if the government does not respond to their call, they will stage a nationwide demonstration.
In a statement dated May 26, 2024, the federation argue that the the current exchange rate poses a significant threat to the sustainability and viability of businesses indicating that fluctuations in currency values have greatly inflated the cost of imports, pushing operational expenses to unsustainable levels.
This according to the federation is crippling many small businesses across the country hence immediate actions must be taken.
“As small and medium-sized businesses navigate through unprecedented economic challenges,a lower exchange rate is imperative to foster growth, ensure competitiveness, and safeguard the livelihoods of countless businesses and their employees”, the statement revealed.
Appealing to the Akufo-Addo-Bawumia led administration to take firm actions to address the situation, the Chairman of the Ghana Federation of Traders and President of the Automobile Dealers Union, Eric Kwaku Boateng, also mentioned that “despite numerous government assurances, the situation is still getting worse, and it is obvious that government is lackadaisical in finding lasting solutions in reducing the exchange rates and also stabilizing the economy.
Meanwhile, Finance Minister, Dr. Amin Adam at a press conference on Friday, May 24, noted that the country’s currency is strong and doing well this year as compared to 2023 hence urging Ghanaians to have faith in the government to stabilize the cedi.
See statement below
