Lower the exchange rate from GH¢15 to GH¢10 -The Ghana Federation of Traders


The Ghana Federation of Traders has issued an ultimatum to the government, demanding measures to lower the exchange rate from GH¢15 to GH¢10. The federation, comprising eight groups, argues that the cedi’s depreciation is eroding their capital and threatening their businesses.


Eric Kwaku Boateng, Chairman of the Ghana Federation of Traders and President of the Automobile Dealers Union, emphasized the need for decisive action to reduce the exchange rate. He warned that the federation would organize a nationwide protest if the issue is not addressed within two weeks.


“We are about 8 strong unions. The government needs to know that the climbing dollar and the weakening cedi are causing the business community to rise up,” Boateng stated. “Businesses are collapsing. In the past two years, my capital could only import three containers, whereas from 2014 to 2015, I imported 20 containers a year. Now, three years down the line, I have imported only three containers.”


He highlighted the dire situation traders are facing and the broad support for action. “What we, the traders, are telling the world, our leaders, and the Ghanaian community is that many unions are ready to join us in demonstrating.”

Boateng concluded with a plea to the country’s leadership. “We are urging our president and vice president that if we don’t hear anything from them about reducing the dollar rate from GH¢15 to GH¢10 within two weeks, we will ensure the world hears about us again,” he declared.



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