Businesses losing confidence due to cedi depreciation - Report

The depreciation of the local currency - Cedi - has in recent times become of one the major concerns of Ghanaians, especially the business community.

The reason being that these businesses need large amounts of cedis to secure dollars for purchasing goods and services.

This volatility of the cedi is causing more harm than good, with customers bearing the brunt by paying higher prices for products and services.

According to the Bank of Ghana's Monetary Policy Report for July 2024, exchange rate volatility in May 2024 led to a dip in business and consumer confidence.

The local currency as of May this year had depreciated by 14.6% against the US dollar.

It was selling at GH¢15 to a dollar while the pounds sterling was pegged at GH¢17.

On business confidence, the report indicated it had taken a nose dive to 88.8 from 92.6 recorded in the same period.

Speaking on this development, the Minister of Finance, Dr. Mohammed Amin Adam says government is working assiduously to tame the high inflation and stabilise the cedi among major trading currencies.

The measures, government is putting in place, is aimed at ensuring a conducive environment for businesses to thrive.

SA/MA