By: Franklin ASARE-DONKOH
The Vice President of the Ghana Union of Traders Association (GUTA), Mr. Clement Boateng, has called on the government to initiate stringent measures to stabilize the falling cedi.
According to him, the constant depreciation of the Cedi to the dollar is gravely impacting business activities, contributing to the current economic hardships.
Speaking on Citi FM, the Vice President of GUTA, outlined some measures to be considered by the government in addressing the problem.
“Everything that we do is benchmarked on the dollar and we think the government must do something about the situation. If we talk about the telcos, the oil, and extractive sectors, at the end of the year, they are repatriating their profits back, and you can see the chunk of monies they take from here so the government must look at its investment laws,” he said.
The Cedi in recent times has come under serious stress, depreciating faster than anticipated against all the major trading currencies.
Data available shows that between January 1, and March 14, 2022, the Ghanaian currency has lost more than 14% of its value, a very significant drop compared to previous changes.
The sad development, according to financial experts is leading to the rising cost of products in the country.
In all of this, the government through the Finance Ministry is yet to make any direct pronouncement on what actions it is taking to tackle the problem.
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