Tag Archives: Cedi depreciation

Cost of doing business unbearable; we need help – Kumasi market women tells Lordina

A delegation of market queens from Kumasi in the Ashanti Region have decried the cost of doing business in recent times.

The traders, who operate from the stronghold of the governing NPP, said their working capital is on a decline due to the constant depreciation of the Ghana cedi against other trading currencies.

They revealed this worrying trend to former First Lady Lordina Mahama in Kumasi during a meeting.

The meeting, held at the instance of the market queens, discussed several issues, including the need for more market infrastructure in the region.

Mrs Lordina Mahama expressed her sadness about their situation and emphasised that she was also a market woman, having been one for over 30 years.

“I am one of you. I have been a market woman for over 30 years, so I know what you are going through,” she stated.

She also acknowledged market women’s important role to the growth of the economy and assured them of her support.

“My doors are always open. My love for you and what you do is not based on who you vote for. I will continue to love you and support you in any way I can,” she stated.

Mrs Mahama promised the group that the next NDC administration led by John Mahama would pay special attention to the needs and concerns of all market women in the country.

She announced that the Mahama administration would build more markets in all regions, as stated in the NDC’s 2020 manifesto.

Mrs Mahama congratulated all women on their relentless efforts to make this world better and wished them a happy International Women’s Day.

 

Source: Myxyzonline.com

Ghana cedi depreciates against US dollar by 28.5%

The Ghana cedi has depreciated of approximately 25.8% against the US dollar as of November 2023.

This was revealed by the Bank of Ghana in its recent data.

The Central Bank data indicated that the currency faced an increased pressure in October and November 2023.

In March to September this year, the cedi remained relatively stable.

BoG says the depreciation rate reached 25.4% in October and further increased to 25.8% in November.

The current exchange rate puts the cedi at around 12.15 against the US dollar.

Additionally, the cedi has depreciated by 28.6% against the pound and 27.7% against the euro.

This decline is attributed to heightened demand for dollars ahead of the festive season.

Despite the Bank of Ghana’s interventions, the cedi has faced challenges in maintaining its value.

 

Source: Myxyzonline.com