You are here: HomeBusiness2020 12 19Article 1137395

Business News of Saturday, 19 December 2020

Source: GNA

Traders expect cedi appreciation under Akufo-Addo's next administration

President Nana Addo Dankwa Akufo-Addo President Nana Addo Dankwa Akufo-Addo

Traders in the Bolgatanga Central market are expecting the Ghana cedi to witness massive appreciation against major trading currencies under President Nana Addo Dankwa Akufo-Addo's new administration.

Some of the traders in an interview with the Ghana News Agency in Bolgatanga said if the cedi were to appreciate against currencies such as CFA and United States dollar, it would go a long way to boost Ghanaian businesses.

Their expectations from the new government were that the Ghanaian economy would improve with superior quality education and access to healthcare service made easier.

Madam Mariam Aviska, a business woman, said government's policies in the last four years were commendable, but could have been better if the cedi was stable.

She noted that instability of the local currency led to the collapse of several Ghanaian businesses and called on the government to ensure that the cedi gained stability in the international market.

"We usually pay more to acquire foreign currencies, so by the time we import the things, pay import levies and others, we are basically left with nothing," she said.

Madam Alice Alana, a Wholesale trader, added that she was expecting the government to reduce import levies and taxes paid by businesses.

That, she said would enable businesses to regain their financial capacities since they suffered many losses due to the outbreak of the COVID-19 pandemic.

Madam Ayishatu Akolgo, a Wax Prints Seller, said she expected timely payment of National Health Insurance Scheme (NHIS) claims to ensure health facilities were stocked with essential medicines and equipment.

She also said there was the need to abolish the double-track senior high school system and provide more infrastructure to absorb all qualified students.

Mr Godwin Dzinake, a dealer in electronics, said he expected the government to award contracts in a free and fair manner without any conflict of interest.

That move would promote quality work among contractors and also safeguard the public purse from exploitation.

He urged government to revamp the Pwalugu Tomato factory and the defunct meat factory in the Upper East Region.