By Traders nationwide are expressing dismay over the severe repercussions of the depreciating cedi on their operations.
The business community is outraged as this development has caused some of them to accumulate debts.
The Food and Beverages Association of Ghana (FBAG) highlights that the business model of many entrepreneurs involves selling on credit, making it challenging for importers to meet their payment obligations.
Addressing the issue on Top Story, FBAG’s Executive Chairman, John Awuni, characterized the situation as a crisis, noting the adverse effects on many products.
However, FBAG is not the only entity experiencing the squeeze.
Previously, the Ghana Union Traders Association (GUTA) also voiced its frustration over the current state of the local currency.
In a statement signed by its president, Dr. Joseph Obeng, the association highlighted that the depreciation of the cedi has created significant challenges for the business community, particularly the trading sector.
The statement emphasized that the economic crisis, along with the continual increase in freight charges from Asia, is making the cost of doing business intolerable.
“The current state of affairs has far reaching implications and has caused prices of goods and services to increase for the consuming public.”
The association explained that the inflationary pressures stemming from the depreciating cedi have caused the prices of goods to skyrocket, rendering it increasingly challenging for businesses to remain viable.
