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Greater Accra Regional Chairman for Ghana Union Traders Association (GUTA), Kwadwo Amoateng has argued that the recent cedi appreciation to the US dollar is not as a result to coronavirus.

Explaining in an interview, Mr Amoateng said countries like Nigeria, Senegal South Africa import goods from China but they are still experiencing depreciating of their currencies as against the US dollar.

He indicated that the government in power should be commended with regards to the appreciation since this same government would have been blamed if there were depreciation of the cedi.

The Chairman therefore urged the government to hold tight its policy with regards to the current value for the benefit of GUTA.

''As traders we always welcome such situations because we are in business....The government should be commended in this case to maintain the cedi at this rate and we would be more grateful if it drops further''

However the Communications Director of the National Democratic Congress, Sammy Gyamfi who is of a different view,said last week that the cedi is currently doing well because of the outbreak of Coronavirus.

According to him, the country’s businesses are currently not importing so that has taken pressure from the cedi hence the reason why the currency is doing well on the world market.

In relation, National Welfare officer for GUTA, Benjamin Yeboah who spoke to SilverNEWS said businesses are on the verge of running out of stock if the spread of the novel Coronavirus continues but he advised his fellows to look for other alternative.

''Our main problem is that most of businesses are depending on their stocks which will put pressure on goods in the markets and subsequently prices of items will begin to shoot up''

''So we are in talks with our members to find other alternatives to possibly look other countries for trade''

silveronline24

Last modified on Wednesday, 04 March 2020

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