The Canada-Ghana Chamber of Commerce is worried about the Ghanaian cedi’s recent rise. They warn that this sudden increase harms exporters and could affect trade and investment.
In an interview with Joy Business, Chamber President Linda Vasnani spoke at the “Moms and Pops Dinner.” She noted that member exporters are facing significant financial losses due to the cedi’s unexpected appreciation.
“Many exporters are losing money because they can’t adjust quickly,” Mrs. Vasnani said. “This creates challenges for businesses earning foreign currency while facing rising local costs.”
She stressed the need for government action to help businesses relying on stable exchange rates.
“We urge the government to stabilize the cedi,” she added. “A strong currency has benefits, but its rapid rise surprises many businesses, complicating export operations.”
The cedi’s recent strength against currencies like the U.S. dollar has sparked debate among economists. While a stronger cedi helps importers and lowers inflation, exporters—especially small and medium-sized enterprises—are struggling with exchange rate changes.
The Chamber’s warning reflects growing concerns from industry players about currency management. Business leaders want monetary authorities to engage with affected stakeholders.
They call for policies that support both economic stability and business growth. As Ghana works on its economic recovery, maintaining a stable exchange rate is crucial for protecting export revenues and boosting investor confidence.
