The Canada-Ghana Chamber of Commerce has expressed serious concerns about the recent sharp appreciation of the Ghanaian cedi, warning that the sudden surge in value is negatively impacting exporters and could have far-reaching consequences for the country’s trade and investment landscape.
Speaking in an exclusive interview with Joy Business during the “Moms and Pops Dinner” – an event organised to honour mothers and fathers, the Chamber’s President, Linda Vasnani revealed that member exporters are facing significant financial losses due to the cedi’s unexpected rise.
“Many of our exporters are incurring losses because they are unable to adjust quickly to the cedi’s appreciation. It’s creating a real challenge for businesses, especially those that earn revenue in foreign currency but must meet increasing local costs,” Mrs Vasnani stated.
She emphasised the urgent need for government intervention to prevent further financial distress for businesses that rely on stable exchange rates to remain competitive in the global market.
“We’re appealing to the government to take necessary steps to stabilise the cedi. While a strong currency has its advantages, the pace of appreciation has taken many businesses by surprise, making it difficult to plan and execute export operations effectively,” she added.
The cedi’s recent rally against major currencies like the U.S. dollar has sparked debate among economists and industry stakeholders. While a stronger cedi may benefit importers and reduce inflationary pressure, exporters, particularly small and medium-sized enterprises, are increasingly bearing the brunt of the exchange rate volatility.
The Canada-Ghana Chamber’s warning adds to a growing concerns of industry players calling for a balanced and strategic approach to currency management.
Business leaders are urging monetary authorities to engage with affected stakeholders and adopt policies that support both macroeconomic stability and sustainable business growth.
As Ghana navigates its economic recovery, maintaining a stable and predictable exchange rate environment will be critical to safeguarding export revenues and encouraging investor confidence.
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