The cedi-dollar exchange rate is not stable, that’s why we can’t emphatically reduce the price of goods – Ghanaian businessmen lament
Ghanaian businessmen say the persistent instability of the cedi against the US dollar is making it difficult for them to reduce the prices of goods and services, despite public expectations for relief.
Speaking in an interview with Kessben FM, renowned businessman Solomon Ofosu Ware explained that the volatile nature of the exchange rate poses a serious challenge for business planning and pricing consistency.
According to him, traders and importers remain cautious even when the cedi temporarily gains strength, because there is no guarantee it will remain stable.”
Ghana’s economy has been under pressure in recent years, with inflation, currency depreciation, and high import costs contributing to rising consumer prices. Although the Bank of Ghana has taken measures to stabilize the currency, the market response has remained mixed.
For many import-reliant businesses, especially those dealing in electronics, spare parts, and food products, pricing is calculated based on the cost of acquiring foreign currency. A drop in the dollar rate offers temporary relief but not enough certainty for wholesale price adjustments.
“Even if we want to reduce prices today, we have to consider what it will cost us to restock. If the dollar shoots up again, we’ll be making losses,” Mr. Ware emphasized.
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