GUTA bemoans depreciation of Ghana Cedi

The Ghana Union of Traders’ Associations (GUTA), has bemoaned the depreciation of Ghana Cedi against the US Dollar.

A statement signed by the President for GUTA, Dr. Joseph Obeng stated that the rapid depreciation of the local currency, the cedi against the major trading currencies, especially, the United States Dollar gives cause for alarm.

He stated that the depreciation is taking a heavy toll on the capital of business men and wreaking havoc on businesses in the country and also increasing financial burden on the consuming public.

“In December, 2021, when the rate of the cedi to a dollar was Gh₵6.4, a trader could use Gh₵640,000.00 to buy USD100,000.00. Today, as the rate is about Gh₵7.6 to a dollar, the same Gh₵640,000.00 can buy only USD84,000.00, thereby, making a loss of USD16,000.00, which is the 16% depletion.

Therefore, if one still wants to buy USD100,000.00, he/she needs to find additional Gh₵120,000.00 to top up within this short period. This is very serious and needs urgent solution to save not only businesses but also the economy,” excerpts of the stated from GUTA added.

Read full statement from GUTA below:

PRESS STATEMENT ON THE DEPRECIATION OF THE CEDI

The rapid depreciation of the local currency, the cedi against the major trading currencies, especially, the United States Dollar gives cause for alarm.

It is taking a heavy toll on our capital and wreaking havoc on businesses in the country and also increasing financial burden on the consuming public.

From December, 2021 to date, our capital has been depleted by about 16%.

In December, 2021, when the rate of the cedi to a dollar was Gh₵6.4, a trader could use Gh₵640,000.00 to buy USD100,000.00. Today, as the rate is about Gh₵7.6 to a dollar, the same Gh₵640,000.00 can buy only USD84,000.00, thereby, making a loss of USD16,000.00, which is the 16% depletion.

Therefore, if one still wants to buy USD100,000.00, he/she needs to find additional Gh₵120,000.00 to top up within this short period. This is very serious and needs urgent solution to save not only businesses but also the economy.

It will require consented efforts by engaging all relevant stakeholders for urgent discussion and immediate solution to this menace.