Nana Akosua Pokuaa, the Deputy Queen-mother of the Ashanti Regional Beads Sellers Association, is calling on Finance Minister Ato Forson to take immediate action to address the rising exchange rates that are threatening local businesses, particularly bead sellers.
The increasing exchange rates are causing significant financial strain on small businesses, making it difficult for them to import raw materials and set competitive prices.
Pokuaa emphasized that the rising exchange rate is affecting local businesses, especially those in the beads industry, and they are in need of immediate intervention to stabilize the exchange rates. She urged the Finance Minister to take swift actions to bring down the exchange rate, ensuring local businesses can operate without facing constant financial challenges.
The impact of exchange rate fluctuations on businesses can be significant. A falling domestic exchange rate can increase costs for importers, reduce their profitability, and make domestically produced products more competitive against imported products Ā¹. On the other hand, a rising domestic exchange rate can make exports less competitive, reduce foreign currency income, and decrease the value of foreign currency liabilities.
Pokuaa’s call to action highlights the importance of government intervention in stabilizing the currency, reducing inflationary pressures, and supporting local businesses that are key to Ghana’s economic growth.