Dr Humphrey Ayim-Darke
The Association of Ghana Industry (AGI) has suggested the Central Bank intervene to stabilise the depreciation of the local currency the Cedi.
Bloomberg last month rated the Cedi as the worst-performing currency among Africa’s top currencies. It pegged the depreciation of the Cedi to the Dollar at 8.86% between 1 January 2022 and 25 February 2022.
Talking to Kwaku Nhyira-Addo on the Asaase Breakfast Show on the development on Wednesday(16 March) president of AGI Dr Humphrey Ayim-Darke said
” We believe this is a yearly cycle, however what is happening here goes beyond a single factor, however the external factors and that of the fuel pricing and a few other dynamics that are combining makes it worse
In other scenarios, there are rules where production and productivity can absorb such price difficulties or pressures, however the combination as stated earlier makes it a bit serious
We pray that in this circumstances the Bank of Ghana will intervene with its reserves whiles we also engage in mitigating a bit of the parts in our production
Speaking on the Same programme, President of the Ghana Union of Traders Association(GUTA ) says the development is making it difficult for it members to do business.
Fred Dzakpata
