Cedi Depreciation: GUTA President Warns of Devastating Consequences*

The Ghanaian economy is facing a severe challenge as the cedi continues to depreciate against major trading currencies, particularly the US dollar. 

According to the President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, this depreciation translates to a significant loss of capital for businesses, with GUTA members having lost around 20% of their capital.

The cedi, which was trading at GHC 11.98 to the US dollar at the beginning of the year, has now plummeted to GHC 14.85 at forex bureaus, representing a depreciation rate of almost 20%. This drastic decline has far-reaching implications for businesses and the economy at large.

Dr. Obeng sounded the alarm in a recent interview, warning that if urgent measures are not taken, more businesses will collapse under the weight of the cedi's depreciation. This could lead to widespread job losses, economic instability, and a decline in investor confidence.

The GUTA President's warning highlights the need for swift and decisive action to address the cedi's depreciation and mitigate its devastating consequences. It is imperative that policymakers and stakeholders work together to implement effective measures to stabilize the currency and restore confidence in the economy.