'We suspect Cedi depreciation is government's plan to devalue our currency' - GUTA

President of the Ghana Union of Traders Association (GUTA), Dr Joseph Obeng, has accused government of having a hand in the recent free fall of the local currency - Cedi.

According to him, the trading community suspect the Cedi depreciation is a plan by government to underestimate the worth of the currency.

Speaking on Peace FM's Ade Akye

Read full articleAbia programme with Kwame Nkrumah Tikese on Monday, Dr Joseph Obeng said, the rise in value of the US Dollar will skyrocket the price of goods and services to be purchased before Christmas.

He noted that the amount of money needed for the purchase of goods will double hence, pushing businesses at a loss.

"We are beginning to suspect that depreciation of the cedi is a deliberate plan by government to devalue currency," the GUTA President stated.

"We are now going to make our Christmas purchases so it means by November the Cedi may hit GH¢10. This means that businesses need GH¢1,000,000 to buy only 100,000 dollars," he added.

Speaking in the same vein, Dr Joseph Obeng, disclosed that Ghanaian traders are poised to demonstrate against government over the free fall of the local currency against major trading currencies.

He stressed that traders fear their businesses will collapse if the Cedi keeps depreciating.

Meanwhile, the Cedi trading against the dollar at a buying price of GH¢9.55 pesewas and selling at GH¢9.77pesewas.

Against the Pounds Sterling, the Cedi is bought at GH¢11.35 and sold at GH¢11.70.

ESA/FNOQ