Cedi depreciation, a worry to second-hand dealers

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Economic Secondhand Dealers
Economic Secondhand Dealers

Second-hand goods dealers in Tema Metropolis have expressed concern and attributed price fluctuation of imported goods to the frequent depreciation of the Ghanaian currency amidst high import duty charges.

They fear it might affect the sales for the yuletide.

A random interview carried out by the Ghana News Agency in Tema indicated that most of them were running at a loss because of the currency depreciation.

Mr Francis Parker, a second-hand goods dealer in Tema described the economic situation as a form of punishment for the business community adding that most of the traders who invested in their businesses were no longer yielding any positive dividend, “we cannot balance our accounts. We are in debt.

“Within three months, this year I offloaded two containers and would normally sell half of the goods within a week, and by the second month, I would have finished selling but now it’s taking more than five months to sell.

“But this time, the dollar is affecting my capital as I am unable to import more goods and patronage has also decreased”.

Madam Zainab Amadu, who deals in Second-hand Motorbikes and Mattresses also stated that duty charges on goods were sometimes higher than the amount paid for goods.

“I must pay for duties, levies, and pay tax for my business, which has led to the price increase of goods. Prices of second-hand mattresses that were sold at GHS400.00 at the beginning of the year are now GHS1,000.00.

“The price of Darlinm second-hand motorbike has jumped from GHS5,500.00 to GHS6,500.00 within three months”.

Madam Mary Doe, who sells imported second-hand cooking utensils explained that the dollar-cedi issue was making life difficult for traders and attributed the situation to divinity, stressing “it is the signs of the ends time. Yes, things are difficult these days for everyone, but I do not really blame the authorities because it said in the Holy Bible that when the world is about the end, times are going to be hard”.

Madam Doe explained that even though the cedi kept depreciating, and the prices of imported goods kept rising, their business still had to move on because of the preference and demand for quality and durable goods in the country.

The Dealers of second-hand goods appealed to the government to intervene in stabilizing the rate at which the cedi was depreciating to sustain their businesses.

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