The Ghana Electronics and Musical Instruments Dealers Association (GEMIDA) says business for their members is currently not favourable.
The association lamented that the dollar rate is currently a major challenge for members.
The National Organiser for the Association, Noble Kwesi Arthur, stated in an interview with Rainbowradioonline.com that business owners are struggling to restock and repay bank loans due to the cedi’s free fall.
The situation he added is compounded by high port charges.
‘’The dollar rate is affecting our business. After trading or selling, we had to find more money and add to what we sold before we could import new goods. The other point is that port charges were also expensive. We would be grateful if the government measures in addressing our challenges.’’
He said they were hopeful things would change so Ghanaian business owners would have some form of relief.
He disclosed that some members are out of business while others have also laid off their workers to cut costs.
He stressed, ‘’The depreciation of the Cedi is exerting considerable pressure on businesses, underscoring the need for swift action to stabilise the currency and counteract the inflationary consequences.” With rising prices eroding consumer purchasing power, our turnover is being negatively impacted, rendering us unable to service bank debts. We appeal to the government to recognise our plight and engage in finding a sustainable remedy.’’
Source: rainbowradioonline.com
