The Association of Ghana Industry (AGI) has suggested the central bank intervene to stabilise the depreciation of the local currency the Ghana cedi.
Bloomberg last month rated the Ghana Cedi as the worst-performing currency among Africa’s top currencies. It pegged the depreciation of the Ghana cedi to the dollar at 8.86% between 1 January 2022 and 25 February 2022.
Speaking with Kwaku Nhyira-Addo on the Asaase Breakfast Show on the development on Wednesday (16 March) president of AGI Dr Humphrey Ayim-Darke said the development is very worrying.
“We believe this is a yearly cycle, however what is happening here goes beyond a single factor, however the external factors and that of the fuel pricing and a few other dynamics that are combining makes it worse.
“In other scenarios, there are rules where production and productivity can absorb such price difficulties or pressures, however the combination as stated earlier makes it a bit serious.”
“We pray that in this circumstances the Bank of Ghana will intervene with its reserves whiles we also engage in mitigating a bit of the parts in our production,” he told the ABS.
Speaking on the same programme, Dr Joseph Obeng, president of the Ghana Union of Traders Association(GUTA ) says the development is making it difficult for it members to do business.
“Our capitals are being dwindled , just a couple of days , I made some calculations that our capitals are being depleted by 15 percent, I think now we have reached 20 percent, this is how far we are going and it is getting scary and something needs to be done.”
Watch the full interview below:
Fred Dzakpata
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