You cannot break the eight when the dollar is now at GH¢16 – Traders to Bawumia

Kwaku Boateng, President of the Ghana Federation of Traders, believes the governing Patriotic Party (NPP) will be unable to break the eight-year jinx as the cedi continues to fall in value against the dollar.

According to him, the dollar and other currencies continue to depreciate the local currency, wreaking havoc on Ghanaian enterprises, and the government has no idea what to do.

He has consequently urged government to take steps to rectify the issue, as it will impact the NPP’s chances in the upcoming general elections.

He stated that 97 percent of businesses have failed due to capital losses caused by the cedi's depreciation.

Several business owners, he added, have lost their firms, with the majority of them relocating abroad.

He remarked that the daily depreciation of the cedi poses a threat to the local economy.

"That is why we are reminding the government, particularly Vice President Dr. Bawumia, that you cannot break the eight with a dollar selling at GH¢16. Business owners are experiencing great difficulty and economic turbulence, so we are urging the government to take action to address the problem."

"We admire President Akufo-Addo and his vice president, Dr. Bawumia, which is why we urge them to address the cedi depreciation. I want them to reduce the dollar rate from GH¢16 to GH¢10. The cedi is depreciating because some malevolent, corrupt, and selfish politicians, in collusion with bank officials, have hoarded the dollar, causing issues for us," he stated in an interview with Rainbow Radio 87.5FM’s Frontline program.

Mr. Kwaku Boateng added that they have issued a two-week ultimatum to address the matter, or they will be forced to take to the streets.

He claimed that in Nigeria, the current President Bola Tinubu, took decisive action by enacting policies that encouraged Nigerians who had hoarded dollars to exchange them for multiple Naira.

Ghana, he noted, can use this approach to stabilize the cedi.