The Association of Ghana Industries (AGI) has made a passionate appeal to government to take steps to address the recent depreciation of the cedi to the dollar, warning if the trend continues, it could erode the gains made during the month of December 2022.
The association comment is coming at a time the cedi has come under immense pressure this month after sustained stability in December 2022.
Though the Bank of Ghana is optimistic that the government barter of gold-for-oil policy will help reduce the foreign exchange pressures on the economy, businesses want more proactive efforts from government to stem the depreciation of the cedi.
Greater Accra Regional Chairman of AGI, Tseonam Akpaloo, told Joy Business, all that industry need is the stability of the cedi.
“We need a regime that allows for stability…that’s what we calling for. Sometimes it goes so down and up. We don’t want that, we want stability”, he stressed
“We are asking managers of the economy to consider very seriously on how they can stabilise the currency. that’s what we need”, he added.
On the interbank market today, the Bank of Ghana is quoting ¢10.351 to a dollar.
But at the forex bureau, the cedi is going for ¢13 on the average to one US dollar.
Source: Ghana News