Low sales despite Cedi appreciation - Akatsi South traders lament

Some traders, especially shop owners in the Akatsi South Municipality in the Volta Region have expressed concerns over low sales whilst the Ghanaian currency has been performing well against other foreign currencies.

They lament low patronage in their daily dealings since the Cedi began to appreciate against major foreign currencies.

Some are of the view that the situation was due to factors such as climate change conditions among others.

President John Dramani Mahama, in an address at the Ghana Presidential Investment Forum on the sidelines of the 9th Tokyo International Conference on African Development (TICAD IX) on Wednesday, said Ghana has restored macroeconomic stability, thereby, improving investor confidence.

During the engagement, President Mahama declared that the Ghana Cedi remained the best-performing currency in the world this year, urging Japanese businesses to seize new investment opportunities in Ghana.

The declaration, the Ghana News Agency (GNA) gathered, received positive responses from some business individuals from Akatsi South.

Some business entities, during a tour by the GNA within the Akatsi main township, on condition of anonymity, however, lamented recording a significant decrease in their daily sales.

Notable among them were distribution depots, provision shops, hardware stores, and others.

Meanwhile, President Mahama during the session in Japan, pointed to the positive signal of falling inflation, recent sovereign credit upgrades, and wide-ranging reforms aimed at lowering the cost of doing business as clear signs of Ghana’s turnaround.

“Inflation rose to a high of almost 23% in 2024 and it’s currently down to 13.7% and we expect that by the end of the year to hit single digits,” he said.

President Mahama also positioned Ghana as a stable, democratic, and business-friendly hub in West Africa, stressing its role as host of the African Continental Free Trade Area (AfCFTA).

Per the Bank of Ghana (BoG) rate on Friday, August 22, the Cedi was buying at 10.9445 and selling at 10.9555 to a Dollar.

The Pound Sterling was buying at 14.6865 and selling at 14.7022 and Euro at a buying figure of 12.7045 and selling at 12.7171.