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Finance Minister Ken Ofori Atta has said that despite the challenges facing the country at the moment, the Cedi is doing better than it did in 2014 and 2015 when Mr John Dramani Mahama was the President of Ghana.
Announcing measures to deal with the economic challenges facing the country on Thursday March 24, he said “In spite of it all, the cedi has held under these extreme challenges better than it did in 2014 and 2015. This is because the fundamentals are much stronger.”
The cedi has been going through some troubles over the period. It is currently trading beyond 7 cedis to the dollar. Analysts have predicted it is most likely to cross 8.
Following this situation, the Importers and Exporters Association of Ghana has said consumers in Ghana should prepare to pay more for goods and services.
Executive Secretary of the association, Samson Awingobit, said members of his association have no option but to pass on the high cost of importing goods on to the consumer.
Mr Awingobit told journalists in Accra on Tuesday March 8 that “The business community is worried and consumers should also be worried because at the end of the day if an importer will have to go through and bring goods under this high cost rate of the dollar to Ghana cedis, 7.4 per dollar as we speak, it tells you that goods and services prices will have to go up.
“That will not be well for the Ghanaian consuming public looking at the economic situation of the ordinary Ghanaian.
“I strongly believe that our call that majority of our import is coming from China market and so there is no need for any Ghanaian business person to say he is travelling to China to buy goods, should be listened to. You put physical cash at the commercial bank exchanging for dollar, instead of the Bank of Ghana or the government making Chinese Yuan available.
“So far as this supply is coming from China there will be no need for dollar before you go to China. I strongly believe that that is the only way to go through. So make Chinese Yuan available in the market.”