Businesses are passing on the cost of Cedi depreciation to consumers – GUTA President

The President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, has highlighted the challenges businesses face due to the free fall of the Cedi.

Retailers struggle to obtain supplies on credit, forcing them to pass costs to consumers.

Dr. Obeng empathized with retailers, noting business shrinkage and capital loss. Ghana's Cedi faces record weakening, with a 14% decline this year.

Factors include reduced cocoa earnings due to adverse weather, disease, and fertilizer shortages, leading to a drop in exports.

The Cedi's prolonged weakening streak, lasting 22 trading sessions, has exacerbated economic pressures on businesses and consumers alike.

Read full article