Exporters incurring losses due to cedi appreciation - Canada-Ghana Chamber

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.mr amin 7 months ago

We don't care the country and Ghanaians matters, when the exporters were not incurring loses did petrol prices reduced? Did lorry fares reduced? The citizens need to be freed from economic bandage, those talking about exports ...
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We don't care the country and Ghanaians matters, when the exporters were not incurring loses did petrol prices reduced? Did lorry fares reduced? The citizens need to be freed from economic bandage, those talking about exports should shut up and bow their hands in shame greedy bastards
Sammy kojo 7 months ago

Don't speak out of ignorance. We need the forex from the exports too to stabilize the cedis. They are also important. What is happening is just a bye product from Trump it's artificial.

Don't speak out of ignorance. We need the forex from the exports too to stabilize the cedis. They are also important. What is happening is just a bye product from Trump it's artificial.
Benji 7 months ago

Clown. Since when did you care for some exporters? When cedi depreciate the average Ghanaian suffers. Just because your party is now in power, you talk nonsense. Gyimii.

Clown. Since when did you care for some exporters? When cedi depreciate the average Ghanaian suffers. Just because your party is now in power, you talk nonsense. Gyimii.
Benji 7 months ago

*Just because your party is NOT in power...

*Just because your party is NOT in power...
Star from the North 7 months ago

Her wish will not be granted because we rather encourage the cedi to appreciate and stabilize at 5 cedi to a dollar. Because of the few tons of export to Canada she wants the cedi to depreciate against the dollar? She is not ...
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Her wish will not be granted because we rather encourage the cedi to appreciate and stabilize at 5 cedi to a dollar. Because of the few tons of export to Canada she wants the cedi to depreciate against the dollar? She is not serious at all and must be told in the face. How can we maintain our cars if the cedi is depreciated to the level that spare parts dealers will have to incur huge import bills. Just because of the few items that you have been sending to sell to few Ghanaians in Canada the cedi should depreciate. Your wish will not be granted.
Maame 7 months ago

The earlier we begin patronizing locally made alternatives the better. Let's begin raising our chickens - where is Darko Farm? The farm fed us. Let's start the rice farm in the volta region. Goats and cows from the northern ...
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The earlier we begin patronizing locally made alternatives the better. Let's begin raising our chickens - where is Darko Farm? The farm fed us. Let's start the rice farm in the volta region. Goats and cows from the northern sector, "Brodze Akese" from the Ahafo and Bono areas, the Ashanti's can provide us with varieties of food stuff, the Fantis,Gas and Eves can give us fish. I believe if 2cimport less food, we'll be fine.
Kofi Sromani 7 months ago

You appear to be stuck to the stale NPP argument of Trump polices, but you forget that the cedi is performing far better than all other currencies against tbe dollar; some currencies have stagnated whike other have seen only ...
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You appear to be stuck to the stale NPP argument of Trump polices, but you forget that the cedi is performing far better than all other currencies against tbe dollar; some currencies have stagnated whike other have seen only marginal.appreciation. Why is it so? By the way, the cedi is strengthening against all the major currencies, including the Euro and the pound. The pound has fallen from neatly 20 cedis to just above 13 cedis, and the Euro from 17 cedis to around 12 cedis. How do you explain that one too? Try to be honest and give credit where credit is deserved. Shame on you.
.mr amin 7 months ago

Sammy kojo you are the one speaking ignorantly if Trump trade war is the problem what about the other currencies the British pound the Euro etc the cedi is appreciating against it so you are very ignorant, when the exports we ...
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Sammy kojo you are the one speaking ignorantly if Trump trade war is the problem what about the other currencies the British pound the Euro etc the cedi is appreciating against it so you are very ignorant, when the exports were on did it reduced the price of goods and services??? Prices of goods and services were sky rocketing, pls allow the cedi to appreciate to a low single degit
Deleon 7 months ago

Wicked people you guys don't want better for Ghana. Because of your own interest you are not thinking about poor person in the village

Wicked people you guys don't want better for Ghana. Because of your own interest you are not thinking about poor person in the village

Juvenal Urbino 7 months ago

Nothing to do with wickedness, please. You’re only exposing your ignorance of the effects of currency exchange on import and export trade. Exporters gain and importers lose when the exchange rate is high. On the other hand, ...
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Nothing to do with wickedness, please. You’re only exposing your ignorance of the effects of currency exchange on import and export trade. Exporters gain and importers lose when the exchange rate is high. On the other hand, exporters lose and importers gain when the exchange rate is low. This is Economics 101. So where’s the wickedness?
Benji 7 months ago

You are wicked. What is the effect of the cedi appreciation on the average Ghanaian? Since when did you start caring about exporters?

You are wicked. What is the effect of the cedi appreciation on the average Ghanaian? Since when did you start caring about exporters?
Fireman 7 months ago

Why is this causing losses. You need less cedis to buy goods in Ghana to export

Why is this causing losses. You need less cedis to buy goods in Ghana to export
Abudu 7 months ago

She is an NPP supporter. Wants one dollar to be ghc 25. Don't mind her

She is an NPP supporter. Wants one dollar to be ghc 25. Don't mind her
Kofi 7 months ago

Dude go look into basic economics. When your currency appreciates it cost people from outside the country who want to buy your goods more. They need more of their currency to buy the cedis so their costs go up. If it is too e ...
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Dude go look into basic economics. When your currency appreciates it cost people from outside the country who want to buy your goods more. They need more of their currency to buy the cedis so their costs go up. If it is too expensive for them, they will export less and look elsewhere.
TRUTH 7 months ago

CEDI WILL NOT STOP APPRECIATING TODAY OR TOMORROW. THE DOLLARS YOU HAVE HOARDED WILL SOON LOSE IT VALUE.

CEDI WILL NOT STOP APPRECIATING TODAY OR TOMORROW. THE DOLLARS YOU HAVE HOARDED WILL SOON LOSE IT VALUE.
Kofi 7 months ago

Look at this one too. Go learn some sense kwasia.

Look at this one too. Go learn some sense kwasia.
.mr amin 7 months ago

Kifi what is wrong with that if they need more of their money to buy goods in Ghana, why do want to sell your labour cheap, salaries can't take workers home due to the lost of value of the cedi, we should allow the cedi to ap ...
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Kifi what is wrong with that if they need more of their money to buy goods in Ghana, why do want to sell your labour cheap, salaries can't take workers home due to the lost of value of the cedi, we should allow the cedi to appreciate to a low single digit like 2or3 ghc to a dollar to boost our purchasing power and create jobs
Kobina Sey 7 months ago

@Fireman. Bro you dont understand.Most of these exporters used local materials to produce for exports. So the appreciation of tye cedi which makes imports cheapet does not benefit them. Unless you tell me that Ekumfi juice wi ...
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@Fireman. Bro you dont understand.Most of these exporters used local materials to produce for exports. So the appreciation of tye cedi which makes imports cheapet does not benefit them. Unless you tell me that Ekumfi juice will benefit from reduced pineapple prices from the farmers. Now the other point is buyers from outside now need more foreign currencies (30% more) This will lead to reduced demand which the exporters would have to grapple with it. Think deep bro
Only if prices of goods reduce to match the ghc value 7 months ago

If traders are selling at prices when the cedi was 15ghc to the dollar you don't realize this causes artificial high prices of goods?

If traders are selling at prices when the cedi was 15ghc to the dollar you don't realize this causes artificial high prices of goods?

Kwami 7 months ago

Let the cedi find a good level of exchange for the ordinary Ghanaian. God have mercy on us. Exporters, please adjust and keep quiet.

Let the cedi find a good level of exchange for the ordinary Ghanaian. God have mercy on us. Exporters, please adjust and keep quiet.
TRUTH 7 months ago

Hahaha!!! People are crying and pleading with the government to stabilize the Cedi because the Cedi is appreciating TOO FAST.....and as exporters they are incurring significant LOSSES. Their profit margins has reduced SIGNIFI ...
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Hahaha!!! People are crying and pleading with the government to stabilize the Cedi because the Cedi is appreciating TOO FAST.....and as exporters they are incurring significant LOSSES. Their profit margins has reduced SIGNIFICANTLY. The question l ask this exporters is that when they make their profit through export it doesn't benefit the country because if it does the Cedi wouldn't depreciate to the low level recorded in the past. Besides the APPRECIATION OF THE CEDI AGAINST THE MAJOR CURRENCIES notably The DOLLAR is reducing our EXTERNAL DEBT STOCK. So it about time people stop complaining about the CEDI'S RISE. THANK GOD FOR GOOD MANAGER'S OF THE ECONOMY. They should stop crying because the Cedi will not STOP APPRECIATING.
.mr amin 7 months ago

My question is when they were not incurring loses what was the state of goods and services was being reduced ? What about as we change more cedis to buy from other countries is that right for you so now the table has turned w ...
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My question is when they were not incurring loses what was the state of goods and services was being reduced ? What about as we change more cedis to buy from other countries is that right for you so now the table has turned what is your problem? Pls let the cedi appreciate
Sammy Gyamfi 7 months ago

I concur, it's about the economics of numbers. Whiles exporters might see a significant reduction in their revenue, the parity is that we are more of an import driven economy. We lack the technology and investment to produce ...
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I concur, it's about the economics of numbers. Whiles exporters might see a significant reduction in their revenue, the parity is that we are more of an import driven economy. We lack the technology and investment to produce even basic items such as toothpick and chalk. Until our industries take up the challenge to produce at least 50% of our needs, we will always appreciate an appreciation of our currency to others.
Kofi 7 months ago

And you think being an import driven economy is wise ? In this current geopolitical climate you think focusing your economy on imports makes sense ?

And you think being an import driven economy is wise ? In this current geopolitical climate you think focusing your economy on imports makes sense ?
Nii addo 7 months ago

ISN'T THE GOVERNMENT OF GHANA THE BIGGEST EXPORTER?

ISN'T THE GOVERNMENT OF GHANA THE BIGGEST EXPORTER?
Kyeiwaa Vida 7 months ago

Let it appreciate to 1 USD = GHS 1. Wicked sellers won't reduce prices still. Sustaining the increase is what is needed though.

Let it appreciate to 1 USD = GHS 1. Wicked sellers won't reduce prices still. Sustaining the increase is what is needed though.
Linda 7 months ago

I didn't hear all these when the cedi started depreciating sharply in 2022. You all kept quiet cause it was for your good. Tables have turned now so keep quiet. It's business, sometimes you gain sometimes you lose. Stop bein ...
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I didn't hear all these when the cedi started depreciating sharply in 2022. You all kept quiet cause it was for your good. Tables have turned now so keep quiet. It's business, sometimes you gain sometimes you lose. Stop being greedy and let our currency breathe.
Gringo 7 months ago

Hahahah!!!!
This is the comment I have been looking for.
A lot of people were pretending to be losing money when the credit was depreciating.
Everybody should adjust

Hahahah!!!!
This is the comment I have been looking for.
A lot of people were pretending to be losing money when the credit was depreciating.
Everybody should adjust
Gringo 7 months ago

Cedi***

Cedi***

Abdul 7 months ago

So just imagine the "burden" we (those who believe in God), when others are moving left, some are pulling to the right. The exporters should also adjust. We have suffered far too long.

So just imagine the "burden" we (those who believe in God), when others are moving left, some are pulling to the right. The exporters should also adjust. We have suffered far too long.
Major 1 7 months ago

Interesting. What exactly do we want? A strong cedis or a weak one. A bag of rice I bought few weeks ago for 1,050 cedis, now sells at 900 cedis.
This is what we want. How much salary do they pay to their employees? They sh ...
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Interesting. What exactly do we want? A strong cedis or a weak one. A bag of rice I bought few weeks ago for 1,050 cedis, now sells at 900 cedis.
This is what we want. How much salary do they pay to their employees? They should give us a break
Kofi 7 months ago

Yes because the economy is more sophisticated than the bag of rice you just bought. What about goods Ghana has to go sell on the international market which now all of sudden are more expensive ? What about tourists who now fi ...
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Yes because the economy is more sophisticated than the bag of rice you just bought. What about goods Ghana has to go sell on the international market which now all of sudden are more expensive ? What about tourists who now find it more expensive to travel to Ghana ? Or remittances from Ghanaians abroad which a lot of people in Ghana depend on ? The economy is more sophisticated than rice you go and buy at your market.
.mr amin 7 months ago

@Kofi my question to you is that when the condition favoured what you are talking about was petrol prices reduced?, was the cedi appreciating or depreciating? Its nonsense to sell your labour or goods cheap and suffer, we we ...
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@Kofi my question to you is that when the condition favoured what you are talking about was petrol prices reduced?, was the cedi appreciating or depreciating? Its nonsense to sell your labour or goods cheap and suffer, we were also changing more cedis to buy their goods so now they should also charge more to buy our goods so that Ghanaians will have some relief
Ghanaman 7 months ago

Foolish journalist reporting this stupid Indian businessman
Jakpa chase this fool to provide his tax returns and let he refund all tax holidays if any was granted
Wat Nkwaseasem is he talking
Send him back to his country o ...
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Foolish journalist reporting this stupid Indian businessman
Jakpa chase this fool to provide his tax returns and let he refund all tax holidays if any was granted
Wat Nkwaseasem is he talking
Send him back to his country of birth
Justice 7 months ago

This is having an adverse effect on the economic.What kind of economy model is this.

This is having an adverse effect on the economic.What kind of economy model is this.
Knowledge 7 months ago

These people think only about themselves and not the country. Sacrifice a bit of the high profit you made during the fast depreciation of the cedi for the betterment of Ghana’s future. Why should the cedi appreciation be a ...
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These people think only about themselves and not the country. Sacrifice a bit of the high profit you made during the fast depreciation of the cedi for the betterment of Ghana’s future. Why should the cedi appreciation be a problem for you guys, were you complaining when the cedi depreciating? No so then stop complaining about the appreciation.
Aku 7 months ago

Mo yale...cedi appreciate more jare
..

Mo yale...cedi appreciate more jare
..
Kobina Sey 7 months ago

@Kofi. Thks bro for educating him on the broader perspectives of the economy. Much as consumers will benefit, govt and exporters are losing big. So the lady is uring for a fair balabce. Yet ignoramusese are heaping insults on ...
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@Kofi. Thks bro for educating him on the broader perspectives of the economy. Much as consumers will benefit, govt and exporters are losing big. So the lady is uring for a fair balabce. Yet ignoramusese are heaping insults on her.Come to think of it govt is losing ghc4b for every $1b worth of cocoa sold.Soassuming exportsvrevenu of $10b, wr are losing ghc40b. Meanwhile our cost estimates in the budget ( which is already a deficit one) remains the same. Govt will struggle to find additional resources. Askbthose who are olinsulting the lady if they will be prepared to accept salary reduction in view ilof this situation. I must admit the appreciation also means govt need fewer cedis to pay our debts. Now if all debts are paid, what benefit again is there for the govt. ?;I think people who come on social media should not comment issues they dont have a grasp on.The collapse of the private exporters means job losses. The issue like younsaid is complex
Kofi 7 months ago

Thanks. There is a need to do a full picture analysis but most Ghanaians can’t seem to see the whole picture.

Thanks. There is a need to do a full picture analysis but most Ghanaians can’t seem to see the whole picture.
KC 7 months ago

The pendulum is swinging in the other direction. Let the people enjoy the appreciation while it last!

The pendulum is swinging in the other direction. Let the people enjoy the appreciation while it last!
Po 7 months ago

Boi

Boi
Hannan 7 months ago

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Truth 7 months ago

But gold and cocoa are reaping... Le s keep exporting more...we will also reap. Now the who Ghanaian populace is benefitting. We win some we lose some....8 years you have benefitted and the entire population was weeping

But gold and cocoa are reaping... Le s keep exporting more...we will also reap. Now the who Ghanaian populace is benefitting. We win some we lose some....8 years you have benefitted and the entire population was weeping
SAKU 7 months ago

So does it mean when the cedi was depreciating Nana Addo and Dr. Bawumia were doing well? Then how come the term "when fundamentals are weak the exchange rate will......." Story of The Spider, wife and 3 children.

So does it mean when the cedi was depreciating Nana Addo and Dr. Bawumia were doing well? Then how come the term "when fundamentals are weak the exchange rate will......." Story of The Spider, wife and 3 children.
Pkay 7 months ago

Locally, transport and wages impact on exports both to government and the business owners. The good news is that while the cedi is appreciating, transport rates are also significantly falling. Even though there may be a gener ...
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Locally, transport and wages impact on exports both to government and the business owners. The good news is that while the cedi is appreciating, transport rates are also significantly falling. Even though there may be a general rise in fixed costs (salaries when seen in terms of the dollar) but good gains may be made on cost of goods which are variable in a way. From my perspective a good balance of the cedi to the dollar may be helpful in terms of exports. A $1=Ghc1 will be hard one for exporters but a scenario like $1=Ghc4 should be manageable for both exporters and importers. Exporters may have to work harder to reduce their cost to make more profits and be competitive . After all the cedi to the dollar was once upon a time far lower than what we see today in terms of the exchange rate.
.mr amin 7 months ago

Our export base is small so we don't need to have a weak currency, over the years what was the impact of exports to Ghanaians did it reduced patrol prices? Did it improve our purchasing power? Infact some of you just don't ma ...
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Our export base is small so we don't need to have a weak currency, over the years what was the impact of exports to Ghanaians did it reduced patrol prices? Did it improve our purchasing power? Infact some of you just don't make sense to me,
Pogas 7 months ago

Ah, I don't understand this !! . ....the economists must come to explain why appreciation of the cedi affects the Exporters and depreciation effects the Importer

Ah, I don't understand this !! . ....the economists must come to explain why appreciation of the cedi affects the Exporters and depreciation effects the Importer
Kofi 7 months ago

Exporters - when the currency appreciates, customers outside who want to buy something in Ghana will find that their foreign money buys less in Ghana. This may lead to a decrease in exports as they decide to buy elsewhere.

...
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Exporters - when the currency appreciates, customers outside who want to buy something in Ghana will find that their foreign money buys less in Ghana. This may lead to a decrease in exports as they decide to buy elsewhere.

Importers - with the currency appreciates, people who bring goods into the country will find that their cedis is able to buy more foreign goods as the currency is stronger against foreign currencies. This may drive up imports.
Juvenal Urbino 7 months ago

Market forces would typically not result in the precipitous appreciation of any currency, which leads one to wonder how the Cedi was able to do so. Funny thing is that the gains stopped only when people began to ask questions ...
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Market forces would typically not result in the precipitous appreciation of any currency, which leads one to wonder how the Cedi was able to do so. Funny thing is that the gains stopped only when people began to ask questions. Perhaps an investigation into this issue is warranted.
Po 7 months ago

You can't always win.......

You can't always win.......
Lion 7 months ago

I'm not surprised because even president mahama doesn't want the cedi to flourish. Mahama made a very silly statement about stopping the cedi from going down y1 cedi for 1 dollar00 we need a hardcore military leader like Ibr ...
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I'm not surprised because even president mahama doesn't want the cedi to flourish. Mahama made a very silly statement about stopping the cedi from going down y1 cedi for 1 dollar00 we need a hardcore military leader like Ibrahim traore
Truth 7 months ago

Foreign buyer:
Feb: $1000 buys GHS16,000 worth of goods.
June: Same $1000 only buys GHS10,000 worth of goods.

Keep budget the same and purchase less goods. Looks globally for an alternate seller.
__________

Seller:
...
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Foreign buyer:
Feb: $1000 buys GHS16,000 worth of goods.
June: Same $1000 only buys GHS10,000 worth of goods.

Keep budget the same and purchase less goods. Looks globally for an alternate seller.
__________

Seller:
Feb: Buyer purchased GHS16,000 worth of goods. I'll buy materials to manufacture the same quantity at today's prices, expecting buyer will keep quantity the same.

Jun: Buyer only wants half as many items due to price increase.

Seller: Purchased materials at higher prices. No buyer on earth is willing to absorb seller's loss.
_______

Hope this helps.
Yaw Yeboah 7 months ago

We live in a country where our currency declined from 6 to 17 cedis to the dollar in a short period. Personally, I hope the cedi appreciates to single digits against the dollar. Our main exports for many decades has been Gold ...
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We live in a country where our currency declined from 6 to 17 cedis to the dollar in a short period. Personally, I hope the cedi appreciates to single digits against the dollar. Our main exports for many decades has been Gold & Cocoa, which are both enjoying high commodity prices. The appreciation of the cedi will not currently affect our revenues from Gold or Cocoa exports. Let me enjoy the appreciation of the cedi in peace. Remember “money does not like noise”.
Sammy 7 months ago

Please you people want to make profit and use it with your families how many people in Ghana doing export please did they want to tell us that the time formar president introduced new Ghana cedis 1dollar to 1ghc the ex ...
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Please you people want to make profit and use it with your families how many people in Ghana doing export please did they want to tell us that the time formar president introduced new Ghana cedis 1dollar to 1ghc the exporters doesn't do business in Ghana?
Peazo 7 months ago

Enemy of progress. They should adjust it quickly. Africa has suffered for far to long
Our people need a break. How do you expect citizens earnings minimum wages like 500 ghc to buy your foreign goods and survive .

Enemy of progress. They should adjust it quickly. Africa has suffered for far to long
Our people need a break. How do you expect citizens earnings minimum wages like 500 ghc to buy your foreign goods and survive .

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Exporters incurring losses due to cedi appreciation - Canada-Ghana Chamber

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