Consumers should brace themselves to pay more for the same quantity of goods they purchase at the various markets if measures are not put in place to stabilize the cedi against the major trading currencies.
The Association of Ghana Industries(AGI) has urged the government to ensure that the local currency is halted against the dollar.
There has been a chronic depreciation of the Ghanaian cedi for years.
The Chief Executive Officer of the Association Ghana Industries (AGI), Seth Twum-Akwaboah, said there is the need for pragmatic guidelines to halt the depreciation of the cedi.
He said “In terms of the solution that the Bank of Ghana has proposed or the government has proposed by injecting some resources into the system, I think that is the right thing,” he said adding that “it should be done and it should be done quickly.
“When we allow speculation to set in it worsens the situation, and therefore our call on government will be that there must be a quick resolution to the matter so that it doesn’t exacerbate further.”
The Public Relations Officer (PRO) of Ghana Union of Traders Association (GUTA) Joseph Padi speaking on the depreciation of the cedi said the government needs to get as much consultation as it can from all stakeholders.
“If the depreciation continues in the current direction we will still see prices of goods and services going up. It’s extremely important to get a broader consultation in the sense that the players in the industry must appreciate what is really going on,” he added.