Businesses cry over Cedi fall

By Abigail Adomako Antwi | Joy Business
Business & Finance Businesses cry over Cedi fall
APR 15, 2015 LISTEN

Business owners are resorting to retrenching their employees as the cedi continues to fall and the energy crisis persist.

With no solution in sight, this seems to be the only solution for businesses to stay active.

But the depreciation of the local currency appears to be adding to the woes of businesses.

The Ghana employers association says the persistent fall in the value of the cedi will push most local companies out of business if not addressed promptly.

Speaking on Business Live on the Joy News channel on Multitv, President of the association, Alex Frimpong said the weakening cedi coupled with the energy crisis is making it difficult and expensive to do business in Ghana.

He says, "the current situation of the cedi depreciating is quite worrisome as it Makes business forecasting and projections quite difficult”.

According to Alex Frimpong, Ghana is not earning enough foreign currency, and so there is a need to generate enough forex.

"We need to expand our export base, engage in intra Ghana businesses, procure lots of raw materials from Ghana and this will be the surest way we can generate our forex," he said.