Traders in Kumasi, the Ashanti Regional Capital, have expressed their concerns regarding the depreciation of the Ghanaian Cedi.
The exchange rate in Ghana is currently fluctuating between GHc14.70 to 1 USD.
The traders believe that the use of the American dollar by ports and certain institutions is contributing to the high exchange rate.
Nana Yaa Dufie, Head of Kumasi Fish Mongers, speaking on Oyerepa Breakfast Time, emphasized that the high dollar rate is significantly collapsing businesses in the country.
For this reason, the government of Ghana, led by President Akufo-Addo, must take immediate action to ban the use of the dollar and implement measures to stabilize the Cedi. This move is crucial to prevent further harm to businesses and the economy as a whole.
“The Ghanaian government must take immediate action to stabilize the Cedi. It is unsustainable for us to rely on importing goods with the dollar, or for certain schools to charge fees in dollars. If the government believes that the dollar should be our currency, then they should consider phasing out the Cedi. However, if this is not the case, then the government should prohibit the use of the dollar to stabilize the Cedi…….Decisive measures must be taken to address this issue promptly.”
Source: Oyerepafmonline.com
