Amid escalating economic concerns, Ghanaian businesses find themselves at the mercy of a tumultuous foreign exchange market, with the value of the cedi continuing its downward spiral against the US dollar. Apexnewsgh reports
The latest data reveals a stark reality for local enterprises, as they grapple with the financial fallout of heightened currency fluctuations.
Recent reports indicate that on the forex retail market, businesses are now required to allocate a minimum of GH¢15.95 for a single dollar. This figure, however, pales in comparison to the GH¢16.20 price tag placed by other forex bureaux, exacerbating the financial strain on already beleaguered companies.
The International Monetary Fund (IMF) recently eased restrictions on dollar auctions overseen by the Bank of Ghana, commending the country’s bolstered reserves courtesy of a US$3 billion economic recovery initiative.
Despite this auspicious sign, the cedi’s precipitous decline remains a cause for concern, with the currency depreciating by approximately 19.6% against the US dollar in the interbank forex market as of July 2024.
Notably, this depreciation rate, while marginally better than the 21% recorded in the retail market, continues to cast a shadow of uncertainty over businesses across various sectors.
In a chorus of distress, companies within manufacturing, commerce, and beyond have implored the government and the Bank of Ghana (BoG) to intervene decisively to stem the cedi’s freefall.
The Ghana Union Traders Association (GUTA) and the Chamber of Automobile Dealership Ghana (CADEG) have echoed industry-wide concerns about the soaring costs of goods and services precipitated by the cedi’s devaluation.
With consumers bearing the brunt of escalating prices, businesses are finding it increasingly challenging to remain afloat amidst the prevailing economic turbulence.
As Ghana’s commercial landscape teeters on the brink, the urgency of addressing these currency woes has never been more apparent. With livelihoods hanging in the balance, the call for swift and strategic intervention reverberates across the nation’s economic corridors, underscoring the imperative of safeguarding the stability and prosperity of Ghana’s businesses.
Source: Apexnewsgh.com
