Cedi depreciation gravely affecting Ghanaian vegetable importers

Vegetable importers across Ghana, along with people working in a wide variety of other industries, are suffering the agony of diminishing profits as a direct result of the ongoing depreciation of Ghana’s currency.

 

Osman Muhammad Sidi, spokesman for the Greater Accra Onion Importers Association, told Xinhua on Tuesday during a visit to a local market that the depreciation of the exchange rate has been eroding capital and having an impact on businesses and people’s livelihoods in Ghana. Sidi made his comments during a visit to the market.

 

A representative of the company stated that wholesale and retail prices of onions had increased, giving the example of onion sales as an illustration. Before January, a bag of onions weighing 50 kilograms cost us 300 Ghanaian cedis, which is equivalent to 38.46 dollars in the United States. Now, that same bag costs 500 Ghanaian cedis, which is equivalent to 64.10 dollars.

 

According to Sidi, the price increase was brought on by a combination of factors, including a currency devaluation, an increase in the cost of transportation, and certain other fees that are levied in the region.

 

According to the Bank of Ghana, the value of one Ghanaian cedi decreased in relation to one United States dollar by 15.6 percent during the first three months of this year.

 

Ernest Addison, governor of the Bank of Ghana, stated recently during a news conference held by the Monetary Policy Committee that pricing pressures are becoming increasingly broad-based and are evident in practically all components of consumer baskets that come from either domestic or imported sources.

 

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