What do you believe is the single most important factor driving up the cost of living in Nigeria?

The CEO of the Ghana Chamber of Commerce and Industry, Mark Badu-Aboagye has expressed concerns over the current foreign exchange rate and its impact on businesses.

Speaking on Joy News’ PM Express Business Edition on September 26, he noted that although the cedi has shown some relative stability, the rate remains significantly high, affecting businesses across the country, particularly those dealing in imports.

“Despite the stability, the rate is still relatively high. A year ago, we were looking at around ¢10 to the dollar. Now it’s between ¢15 and ¢16.80. If you’re importing or dealing in foreign currency, the impact is obvious,” he stated.

According to Mr Badu-Aboagye, many manufacturing companies in Ghana rely heavily on imported raw materials, and the depreciation of the cedi makes it more expensive for these businesses to operate.

“We import a lot of finished goods and raw materials. Anytime the cedi depreciates, it reflects in increased prices for the products we bring into the economy.”

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