Bawumia must publicly speak to rampant depreciation of the cedi - Group

Members of the Traders Advocacy Group Ghana (TAGG) have expressed worry over the long silence of Vice-President Mahamudu Bawumia over the free fall of the cedi.

“Now, a businessman needs as much as GHC760,000 to get a $100,000 for business but not too long ago a businessman needed GHC640,000 for $100,000”, the group lamented.

According to TAGG, in less than a quarter of the year, the cedi has depreciated close to about 50 per cent.

TAGG said they expect to hear the Vice-President speak on the current free fall of the cedi.

Mr David Amoateng, President of TAGG, expressed these worries in an interview with Kwame Obeng Sarkodie, host of Accra100.5FM’s Ghana Yensom morning show on Wednesday, 9 March 2022.

He disclosed that every businessman in the country is worried about the rate at which the cedi is depreciating in the second term of the Akufo-Addo administration.

He urged the Vice-President, who is the Head of Economic Management Team, to come out with some explanation on the alarming cedi depreciation.

“As business people, we need some answers on the exchange rate,” he said.

He admitted that the current exchange rate is a headache for every businessman in the country.