Home Headlines Ghanaian Trade Unions Urge Government Action on Currency Depreciation Concerns

Ghanaian Trade Unions Urge Government Action on Currency Depreciation Concerns

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U.S Dollars and Ghana Cedi
U.S Dollars and Ghana Cedi

A total of seven trade unions in Ghana on Monday called on the government to reverse the depreciation of the local currency to protect businesses in the country.

A statement, signed by representatives of the Automobile Dealers Union and six other unions of various sectors, said the depreciation of local currency has increased the cost of imports, pushing up operational expenses to unsustainable levels.

According to the unions, the fluctuations in the value of the currency put undue financial pressure on many companies, threatening their ability to stay afloat and retain their workforce.

“The depreciation of the cedi (local currency) is not only affecting businesses but also eroding the capital of traders. We call on the government to prioritize the needs of businesses and take decisive steps to lower the exchange rate to provide a lifeline to struggling enterprises,” said the statement.

According to the Ministry of Finance, the Ghanaian cedi has depreciated about 14 percent against the U.S. dollar this year.

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