Reduce Exchange Rate: Traders’ Coalition To Government

Traders’ Coalition Demands Immediate Action to Reduce Exchange Rate to Save Businesses

A coalition of traders’ groups from across the nation has issued a urgent appeal to the government to take immediate action to cut back on  the exchange rate from GHC 15.50 to GHC 10.00.

The traders, who are the bedrock of the country’s economy, are finding it difficult to survive due to the high operational costs caused by the fluctuating currency values.

In a press release, the traders’ groups highlighted the devastating impact of the current exchange rate on small and medium-sized businesses, which are the engine rooms of economic growth.

They argued that the high exchange rate has render importation goods  more expensive, pushing many businesses to the brink of closure and causing job losses.

The traders believe that a lower exchange rate would help businesses thrive, attract investment, and boost the overall economy.

The traders’ coalition noted that the cedi’s value has been declining steadily over the years.

In 2008, it was GHC 1.057 to the dollar, rising to GHC 1.972 in 2012, and GHC 3.945 in 2016. Under the current government, it has soared to GHC 15.17, causing distress among business owners and consumers.

The traders’ groups emphasized that they are not just seeking a reduction in the exchange rate for their own benefit, but for the overall well-being of the country’s economy and society.

They argued that reducing the exchange rate would provide a lifeline to struggling enterprises, enabling them to recover and grow.

However, if the government fails to address the situation within two weeks, the traders’ groups have warned of a strong nationwide demonstration.

They are determined to take their message to the streets and demand action from the authorities.

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The traders’ coalition is made up of various groups from across the country, including the Ghana National Chamber of Commerce, Ghana Federation of Association of Small Scale Industries, Ghana Institute of Marketing Science, and others.

They are united in their demand for immediate action to reduce the exchange rate and alleviate the suffering of small and medium-sized businesses.

In conclusion, the traders’ coalition is urging the government to take decisive steps to address this critical issue.

They are calling on policymakers to prioritize the needs of businesses and work towards a solution that benefits everyone involved.

Will the Government Pay Heed to the Traders’ grievances?

The traders’ coalition is holding its breath as it waits for a response from the government.

Will they take immediate action to reduce the exchange rate or will they continue to ignore their grievances? Only time will tell.

One thing is certain, however – if something is not done soon, many businesses will continue to struggle and even collapse.

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