Continuous depreciation of cedi will lead to price hikes of imported goods

The Importers and Exporters Association of Ghana has called on consumers in Ghana to prepare in anticipation to “pay more for goods and services due to the poor performance of the cedi against the major trading currencies”.

Samson Awingobit, the Executive Secretary of the association, noted that members of the association have no option but to pass on the high cost of importing goods to the final consumer.

Data from the interbank exchange market on Wednesday, March 9, 2022, showed that the Ghana cedi is currently trading beyond 7 cedis to the dollar.

Meanwhile, Analysts have predicted it is most likely to cross 8 cedis before the end of March 2022.

In an interaction with journalists in Accra on March 8, 2022, Mr Awingobit said “The business community is worried and consumers should also be worried because at the end of the day if an importer will have to go through and bring goods under this high-cost rate of the dollar to Ghana cedis, 7.4 per dollar as we speak, it tells you that goods and services prices will have to go up.

“That will not be well for the Ghanaian consuming public looking at the economic situation of the ordinary Ghanaian.

“I strongly believe that our call that majority of our import is coming from China market and so there is no need for any Ghanaian business person to say he is travelling to China to buy goods, should be listened to. You put physical cash at the commercial bank exchanging for dollar, instead of the Bank of Ghana or the government making Chinese Yuan available.

“So far as this supply is coming from China there will be no need for dollar before you go to China. I strongly believe that that is the only way to go through. So make Chinese Yuan available in the market.”