Accra: Traders in Ghana have called for immediate action on exchange rates and the Electronic Levy (E-Levy) during the budget presentation tomorrow. In an interview with the Ghana News Agency in Accra, they expressed concerns over the rising cost of doing business, with one trader stating, "We are struggling with the exchange rates and the E-Levy; it is making our work difficult."
According to Ghana News Agency, the traders emphasized the need for the government to address these issues in the upcoming budget presentation. The finance minister is scheduled to present the government's 2025 budget to Parliament on Tuesday, March 11, 2025. Traders believe that the budget should also reverse certain taxes and reduce import duties to alleviate the financial burden on businesses.
Mr. Alfred Adjei, a trader, expressed that the budget should tackle exchange rate issues, as his business is significantly impacted whenever the Cedi depreciates against the dollar. He highlighted the importance of addressing this issue to prevent inflationary pressures on both traders and the general population. "You know Ghana is an import-dependent economy, so we expect the Finance Minister to do his best and tell us how he intends to address the dollar and cedi issues," he added.
Mr. Wilfred Opoku, another trader, stated that his primary concern is the reversal of the E-Levy and a reduction in import duties. He explained that the E-Levy affects him personally and impacts his business operations. Opoku also mentioned that suppliers are burdened by high import duties at the port, which in turn affects the prices of goods supplied to traders.
Ghana's economy has been grappling with challenges due to the depreciation of the Cedi against major foreign currencies, particularly the US dollar. This situation is exacerbated by factors such as high demand for foreign exchange, limited foreign exchange reserves, and external economic pressures. Economic experts and think-tanks suggest that the upcoming 2025 budget presentation is an opportunity for the government to address these pressing economic issues.
