CEDI DEPRECIATION

11 Oct

Traders In Kumasi Lock Up Shops To Protest Fall Of Cedi; High Taxes

wontumionlineBusiness,
Some traders in the Ashanti Regional capital Kumasi have locked up their shops following the woes of the Cedi against the Dollar and its effect on businesses. They are also protesting the high taxes they are paying. TV3’s Ashanti Regional correspondent William Evans Nkum reported that parts of the business community in Kumasi are shut down. “Most of the merchants here” he said, “deal in food commodities.” “We want the government to come and dialogue with us. The cost of doing business is high  due to tax and the Cedi performance. We have been using our profit margins to pay…
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Do Everything Possible To Control Cedi Fall – Employers Association Tells Govt
11 Oct

Do Everything Possible To Control Cedi Fall – Employers Association Tells Govt

wontumionlineBusiness
The Ghana Employers Association has told the Government of Ghana to, as a matter of urgency, control the fall of the Cedi against the Dollar. President of the Association Alex Frimpong told TV3 in an interview that the poor performance of the local currency is having a toll on businesses for which the government must act as as soon as possible. Mr Frimpong said “government must do everything within its powers to ensure that the Cedi stabilizes so that it doesn’t affect the economic activities of the people in this very country. Yesterday, some of the stores in Kumasi were…
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Akufo-Addo Reiterates Commitment To Deal With ‘Unacceptable Depreciation Of The Cedi, Rein In Inflation
16 Sep

Akufo-Addo Reiterates Commitment To Deal With ‘Unacceptable Depreciation Of The Cedi, Rein In Inflation

wontumionlineBusiness,
President Nana Addo Dankwa Akufo-Addo has reiterated his commitment to deal with the fall of the Cedi. He said this is a major preoccupation of the Government. The President made this known on Monday, 12th September 2022, when he delivered the keynote address at this year’s Bar Conference of the Ghana Bar Association. It will be recalled that at the 22nd General Assembly of the Presbyterian Church, President Akufo-Addo noted that the approach to the IMF is a major step, in the short-run, towards the goal of bringing relief to Presbyterian Church. “Other steps will be taken, in particular, to deal with…
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24 Aug

Fitch Solutions Forecasts 43% Depreciation Of Cedi To Dollar In 2022

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Fitch Solutions is forecasting a 43% depreciation of the cedi to the US dollar in 2022. It is also projecting a 30.1% fall in value of the American currency in 2023, which means the woes of the local currency will not get better anytime soon. Disclosing this in its latest report on the country dubbed “Ghana’s Private Infrastructure Investment Set For Medium-Term Recovery”, it said, the continuing investor concern over the country’s large fiscal deficits puts downward pressure on the cedi. “We expect weakness for the Ghanaian cedi to persist throughout the near term, as we currently forecast the currency…
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09 Aug

Cement Prices To Hit ¢68 Per Bag Due To Cedi Depreciation – Manufacturers

wontumionlineBusiness,
Cement prices are expected to be increased from next week. Joy Business is learning that the wholesale price of a 50 kilogram bag is expected to hit ¢68.00, from the current price of ¢59.00. Why the increase? According to some of the leading manufactures in the country, the action has been influenced by a sudden rise in the cost of operations, from July 2022, due to the sharp depreciation of the cedi over the past month. Officials at one of the manufacturing firms told Joy Business on condition of anonymity that, “when the factory price (whole sale price) of a…
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