Cedi depreciation: Watch how $1 reached GH₵15

The Minority has expressed concerns that the current challenges facing the Ghana cedi are far from resolved, warning that the situation is expected to worsen.

With the local currency now trading between GH₵14.50 to GH₵15 to the dollar, traders have indicated that they are passing the increased costs onto consumers, leading to a notable rise in the prices of goods and services.

The free fall of the cedi has caused significant distress among traders nationwide, who are reporting severe impacts on their businesses. Many in the business community are increasingly troubled, with some facing mounting debts. The Food and Beverages Association of Ghana (FBAG) have highlighted that the prevalent business model of selling on credit has exacerbated the problem, as importers struggle to repay their debts.

Flourish logoA Flourish data visualization

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

Source: myjoyonline.com