Mukesh Thakwani, the Chief Executive Officer of steel manufacturing company, B5 Plus Limited has expressed worry about the continuous fall of the Ghanaian cedi against other major foreign currencies.
The Ghana cedi continued its free fall, losing value twice within a day to sell at ¢14.50 to one US dollar. This translated to 5.45% depreciation in a day and 17.5% in four days of the week.
And according to Mukesh Thakwani, the rapid depreciation of the Ghanaian cedi is seriously affecting businesses in the country especially the manufacturing sector.
“We are currently in difficult times and we have no option than to sell through the difficult times. We have to keep a very good watch into the local market to see what is happening as the currency depreciation is a very big challenge for all of us , especially those in the manufacturing sector, I think there are challenging times and we trying to see how best we can sell out in this times”, he said.
To the Indian businessman, Ghana is the right country in Africa to do business but the sudden underwhelming performance of the Ghanaian cedi prevent investors from investing in the country which could collapse the country’s economy.
” Ghana is a great place to do Business and we are very optimistic about it , yes we are going through alot of challenging times but am sure that with time government will be able to solve the current exchange issues and we will be moving forward positively, so we believe in Ghana and we are sure that we will be able to come out of it and come as better Ghana”, he added.
Meanwhile, as part of moves to stabilize the depreciating Ghanaian cedi against major foreign currencies, the Bank of Ghana On Tuesday, October 25 held a meeting with the Managing Directors of banks and some forex bureaux in Accra.
The meeting was also part of efforts by the New Patriotic Party (NPP) government to halt the overpricing taking place in Accra.
Source: Peacefmonline.com