Act quickly before some sectors fail – AGI to government
The Association of Ghana Industries (AGI) has urged Ghanaian economic leaders to address the difficulties posed by the rapid depreciation of the Ghana cedi against the US dollar and other major foreign currencies.
According to the group, the high cost of inputs is hurting most of the country’s domestic manufacturing firms.
As a result, it wants the government to act quickly before certain sectors fail.
Ashok Mohinani, Vice President in Charge of Large Manufacturing, told Joy Business at the “AGI BUSINESS FORUM” that the cost of inputs is harming the viability of the local manufacturing businesses.
He decried how authorities are failing to communicate with Ghanaians about the causes of the Ghana cedi’s rapid depreciation and the path forward.
“At the moment, there are quite a lot of speculations, and the biggest issue is the currency and we are nearly hitting ¢15. I think more communication will be very helpful”.
“Most inputs costs have gone up and the factories are facing issues of sustainability on whether they can survive. But if the government and others will communicate, I think that will calm nerves”, he said.
The Ghana cedi has continued to plummet and is now trading at 14.75 to one US dollar.
The government is now discussing an economic package with the International Monetary Fund (IMF) to solve Ghana’s economic imbalances.
It is unknown when the dal will be finished.
