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Fall of cedi risks disrupting Ghana’s financial market - Chamber of Commerce warns

June 21, 2018, 11:51 a.m.

The Ghana Chamber of Commerce and Industry is warning of a severe crisis in the private sector should the government fail in dealing with the fall of the Ghana cedi against major currencies.

The Ghana cedi, which depreciated against the US dollar by 3 to 4 per cent has shot up the cost of doing business in the country.

Speaking to JoyBusiness at the launch of the Chamber Business Awards 2017, President of the Chamber, Nana Dr Appiagyei Dankawoso I, stated that government through the regulator must intervene with some measures to absorb the shock of this trend.

He said, “Most of our trading and investments as a chamber hovers around the strength of the cedi. Anytime there is a fall, businesses become so much worried.

“It is the final consumer that suffers and it also affects the general economy of the country. There should be some level of interim measures. There must be some absorbers that have to be taken as a measure to make sure that at least the cedi is stabilized,” he said.

Between May and June this year, the local currency has experienced a 0.7 per cent depreciation and now sells at GHS4.44 to $1.

GNCCI 2nd Chamber Business Awards 2017

The theme for the second Chamber Business awards is: "Empowering the Private Sector to Move Ghana Beyond Aid".

The objective of the awards is to, among others; acknowledge and celebrate key businesses and personalities who have contributed meaningfully to business practice in Ghana and to inspire and promote the entrepreneurial spirit in the Ghanaian by highlighting the success stories of outstanding award winners.

The GNCCI 2nd Chamber Business Awards 2017 will be held on Saturday, 17th November 2018

Source: Myjoyonline.com

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