The National Treasurer of the Ghana National Chamber of Commerce and Industry (GNCCI), Michael Kabutey Caesar, has cautioned that the current depreciation of the Ghana cedi must not exceed a certain threshold.

According to Caesar, President John Dramani Mahama had previously noted that the real value of the cedi should remain between GH¢11 and GH¢12.

He warned that further depreciation beyond its current levels could be detrimental to businesses in Ghana.

Caesar is calling on the government and the Bank of Ghana to intervene promptly.

“The President once indicated that the target was to peg the exchange rate between GH¢10 and GH¢12 to the dollar. I would be concerned if it escalates beyond that. I want to believe the government is monitoring the situation and will act to prevent a return to the high levels we experienced in the past,” Caesar told citinewsroom.com.

He added that although the government’s revenue at the ports has been affected by the appreciation of the cedi, a compromise is necessary for the sake of businesses.

“There should be a win-win situation for importers, exporters, and government taxation. At the moment, the government is not generating much tax revenue from the ports, but striking a balance is necessary, and I am confident steps are being taken in that direction,” he said.

Ghana’s local currency has depreciated against major trading currencies on the interbank market, particularly the US dollar.

According to the Bank of Ghana’s daily update, the cedi is trading at a buying price of GH¢11.74 and a selling price of GH¢11.75 to the dollar.

Meanwhile, the British pound is being bought at GH¢15.70 and sold at GH¢15.72, while the euro is trading at a buying price of GH¢13.56 and a selling price of GH¢13.58.

SSD/MA

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