Trade advocacy group Ghana (TAAG) has warned consumers of higher prices of goods citing the continued depreciation of the cedi against the US dollar and other currencies.
According to them, the business community is concerned about the cedi’s recent downward trend against the US dollar from GhC 14 to GHC 16.
They predicted in their press statement that the cedi will fall further to GHC 20 by December 2024.
The weakening of the cedi has directly impacted Ghanaian traders who are facing higher cost for imported goods. This will force them to increase the prices of their products, the statement added.
The statement said the cedi’s decline has made it more expensive for the business community to service foreign debt and import essential raw materials.
The association is calling on the government and Bank of Ghana to take decisive action to stabilize the cedi and mitigate the negative impact of it’s depreciation.