Addressing the Rapid Depreciation of the Cedi: Chamber National Dialogue Series 2024

The Ghana National Chamber of Commerce and Industry (GNCCI) organised a dialogue under the theme “Navigating the Rapid Depreciation of the Cedi: Surviving in the Midst of the Crisis” on May 29, 2024. The event, held at the GNCCI Head Office in Dzorwulu, was attended by distinguished industry experts, business leaders, and policymakers.

Dr. Clement Osei Amoako, the President of GNCCI, delivered the keynote address. He highlighted the importance of the dialogue in the face of the rapid depreciation of the cedi and its impact on businesses. He also welcomed the guest speakers, Dr. Richmond Atuahene, a banking consultant, and Mr. Michael Bozumbil, CEO of Petrosol Platinum Energy Limited.

Dr. Atuahene, in his speech, pointed out that undisciplined fiscal deficits and loose monetary policies have been key drivers of exchange rate instability in Ghana. He noted that these factors have led to large depreciations in the exchange rate whenever they were relatively loose. He also mentioned that the depreciation of the cedi contributed to high inflation rates in the local market, affecting all sectors of the economy.

The dialogue aimed to facilitate discussions on strategies to mitigate the adverse impact of the rapid depreciation of the cedi on business operations. The GNCCI urged the government to treat the depreciation of the local currency as an emergency and expedite efforts to stabilise it. They also called on citizens to support the long-term stabilisation of the local currency by consuming domestically produced goods and services.

The event ended with the CEO of the Chamber, Mr. Mark Badu-Aboagye, assuring the business community that the GNCCI will continue its advocacy and collaboration with the government and other relevant stakeholders to ensure that the interests of the private sector are protected and promoted. The dialogue was part of the GNCCI’s ongoing efforts to create a conducive business environment through policy recommendations and expert advice.

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