BoG cedi measures hailed by traders association

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kofi wampah

Dr. Kofi Wampah ? Governor, Bank of Ghana

Second-hand cloth dealers at Kantamanto have welcomed the regulation by the Bank of Ghana (BoG) to stabilize the Cedi.
The Bank of Ghana last week announced various measures to shore up the cedi against major foreign currencies, especially the U.S. dollar, which has led to an increase in the prices of goods and services.

In an interview with Ghana News Agency (GNA), the second-hand cloth dealers at Kantamanto lauded the measures.

Comfort Opinaman, a second-hand cloth dealer, said the price of second-hand clothes had gone up since the cedi began to depreciate against the dollar.

She said second-hand clothing were mostly imported from Europe and the United of States, noting that the development was negatively affecting its price.
?Because of the falling cedi, prices of the second-hand clothes have been going up and it is affecting our business,? she said.

Madam Opinaman therefore called on the BoG to ensure the enforcement of its regulations to help stabilize the cedi.

But Kofi Asamoah, another second-hand cloth dealer, questioned the sustainability of the new measures and said even though the measures would help control the cedi, its sustainability should be a matter of concern to all.

He said the BoG in 2011 introduced similar measures to regulate the cedi.

?The depreciation of the cedi against major currencies is affecting our work as second-hand cloth dealers and we will urge the government to ensure that the new regulation is sustained to help salvage the situation for a very long time,? he said.

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