Traders threaten protest over high exchange rate

The Ghana Federation of Traders has urged the government to reduce the exchange rate from GH¢15 to GH¢10, warning of potential protests if no action is taken.

Comprising eight groups, the Federation argued that, the cedi’s depreciation is eroding their capital and threatening their businesses.

Chairman of the Ghana Federation of Traders and President of the Automobile Dealers Union, Eric Kwaku Boateng disclosed the need for decisive measures to address the exchange rate issue.

He cautioned that, the Federation would organize a nationwide protest if the government does not act within two weeks.

“We are about 8 unions, strong unions let our government know that the way the dollar is climbing, and our cedi is meaningless means that…the business community can rise up…As I’m speaking, businesses [are] collapsing, In 2 years…my capital can import [only] three containers, from 2014, to 2015, I imported 20 containers a year.

“Now three years down the line, I have imported only three containers. What we, the traders are telling the world, our leaders, and the Ghanaian community as a whole, a lot of unions are coming out to join to demonstrate.”

“We are pleading, urging our president and the vice president that in two weeks, as we said, if we don’t hear anything from them about the dollar from GH15 to GH10…we will let the world hear about us again,” he stated.