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Traders To Demonstrate Heavily Over The Fall Of The Cedi

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Traders in the capital city of Accra are planning to stage a major demonstration to the government over the continuous fall of the Ghanaian cedi against the American dollar and some other major currencies.

Ghana Union of Traders Association (GUTA) has stated that its members have become quite agitated over how the cedi has fallen. The Ghanaian cedi has fallen against some of the major currencies in the world such as the American dollar, the Euro, and the British pound. This fall became severe at the start of 2022.

An American dollar is now equivalent to 8.55 cedis at a depreciation of 0.59%. News circulating online even has it that the dollar is now equivalent to 9.1 cedis.

The traders planning the demonstration are mainly importers who import their goods from countries such as China, America, and Europe. According to them, the constant fall of the cedi is gradually collapsing their import businesses.

According to GUTA, it was proposing the establishment of a foreign exchange committee to look for possible solutions to the cedi’s fall. The committee will have people from the bank of Ghana, the government, and the traders along with any other people who will be relevant to the agenda on board.

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