Ghana Federation of Traders blames BoG, Banks, others over cedi depreciation

President of the Ghana Federation of Traders, who also serves as the President of the Automobile Union of Ghana, Kwaku Boateng, alleges that the Bank of Ghana is aware of the activities of forex traders in the black market.

He claims that some top officials of the central bank and politicians are in collusion with illegal forex traders.

This year, the cedi has depreciated by approximately 14% against the dollar, due in part to foreign exchange (forex) supply deficits.

Mr. Kwaku Boateng added that some senior officials are partly to blame for the cedi's continuous depreciation.

He stated that no trader among business owners would keep dollars in their homes and under their beds as some officials do.

"Some political leaders and appointees hoard the dollar and send it to the bank, which then calls the black market traders to come for them and sell on their behalf. That is what they are doing to us. The traders who need the dollar don't get it," he said.

He issued a two-week ultimatum to the government, demanding immediate measures to reduce the exchange rate from GH¢15 to GH¢10.

The federation, which comprises eight groups, indicated that the depreciation of the cedi is severely affecting businesses.

He said the situation has depleted their capital and is endangering their businesses.

In an interview on Frontline on Rainbow Radio 87.5FM, he warned that if the government fails to respond within the next two weeks, the federation will organize a nationwide protest.

He told host Kwabena Agyapong that several businesses have collapsed, claiming that about 97 percent of businesses have collapsed.

Using himself as an example, he said he previously imported 20 containers between 2014 and 2017, but now he is only able to import one container.

"Ghanaian businesses have collapsed, and I am a victim. I was previously responsible for importing 20 containers between 2014 and 2017. But now, I can only import one container. The dollar is making things difficult for us as a business community. There are those who have kept the dollar under their beds and in their houses," he said.

He added that, "We are issuing this warning to the president and the vice president that in two weeks, as we have said, if we don’t hear anything from them about reducing the dollar from GH¢15 to GH¢10, we will demonstrate. If you are a Ghanaian and you think the cedi depreciation is not affecting you, then you are not serious. The situation is affecting everyone, not just business owners."