Business owners hunt Akufo-Addo, Bawumia over cedi depreciation

Businesses are calling for action as the country witnesses a period of a fast depreciating local currency.

Owners of some forex bureau are demanding that the Akufo-Addo government deals with the situation as it is affecting their business.

The cedi has hit one of its highest falls so far for this year reaching of ¢4.85 to one United States dollar.

The drop is affecting importers who have to issue more cedis for the dollar and other major trading currencies.

Reports say most of the banks are exchanging one dollar for ¢4.82 and ¢4.85 which is a loss of ¢0.07 in value.

“When the cedi depreciates like this people decide to hold onto their dollars so business slows down but when the cedi appreciates people find no reason to continue holding their dollars so they let go.

“People are saying there is nothing going on in town so the dollar is scarce. Although the demand for the dollar we don’t have any to sell to the customers and the banks also don’t supply it to us,” one owner of a forex bureau said.

In April last year, Vice President Dr Mahamudu Bawumia said contrary to criticisms that the first 100 days of government were marked by wrong calls on the economic front, evidence of progress was there for all to see.

He cited the stability of the local currency that has brought some relief to investors and business owners.

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