Ghanaian vegetable importers affected by depreciated currency

With Ghana's currency depreciation continuing, vegetable importers across the nation, like people in many other businesses, are seeing their profits drop. The exchange rate depreciation has been eroding capital and impacting businesses and livelihoods in Ghana, said Osman Muhammad Sidi, spokesman for the Greater Accra Onion Importers Association. Besides the depreciation, increased costs of transport and some extra fees charged in the region also contributed to the price hike, Sidi said.

The Bank of Ghana has said the Ghanaian cedi depreciated by 15.6 percent against the U.S. dollar during the first quarter of this year. The Bank of Ghana has issued a statement saying price pressures are becoming increasingly broad-based and reflected in almost all consumer basket components from domestic and imported sources.

Source: bignewsnetwork.com

 

Photo source: Dreamstime.com


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