BizTech: How Cedi depreciation is affecting Ghanaian traders

The Cedi has witnessed a free fall in the past weeks, making it uncompetitive against major trading currencies, especially the US dollar. The depreciation of the local currency is causing more harm than good to business owners and individuals as the prices of goods and services have skyrocketed. The Cedi is currently trading at GHC15.60 to US$1 and GHC19.50 to a pound sterling. While these business owners pay more to clear their goods since all taxes have been pegged to the dollar rate, customers, on the other hand, also pay more for the goods on the market. Speaking on GhanaWeb TV's BizTech programme hosted by Ernestina Serwaa Asante, the President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, has lamented the impact of the Cedi's depreciation on the business community. He also attributed the weakening currency to the repatriation of profits by foreign investors and the influx of foreigners in the retail space. Source: Ghana Web