CEDI DEPRECIATION IMPEDING ON GOVERNMENT’S INDUSTRIALIZATION AGENDA

The government’s industrialization strategy is likely to face a variety of difficulties if issues affecting the cedi are not solved.

According to Sandeep Sawlan, Business Development Manager of B5 Plus Limited, the operations of numerous local manufacturing companies throughout the nation have been severely damaged by the cedi’s decline in value relative to other significant international currencies.

At the 2022 Ghana Corporate Brand Awards, Mr. Sawlan lamented the high rate of cedi depreciation, claiming that it is stifling the sector’s expansion.

the cedi depreciation is affecting us a lot; you know we export most of our raw materials. We cannot keep changing the price every day

It’s been a great challenge for us changing the prices every now and then. Sometimes, our profit may reduce, but no problem.

Sandeep Sawlan, Business Development Manager of B5 Plus Limited

He insisted that the Russia-Ukraine war and tax rises are having an adverse effect on the sector’s operations.

The prices of some of the raw materials have gone up. So we are now focusing on the production here. Taxes are also high on imported goods and the war has also hit the sector negatively, thereby putting pressure on some of our activities.

He added.

Eugene Maquaye, Maxim Cosmetic Ghana’s Head of Marketing and Strategic Management, advised stakeholders in the retail sector to launch a number of measures to support the sector.

Government should bring policies that will protect the local retail space. If there are no policies, you will always see the foreign products dominating our space. The stakeholders should also work assiduously to sustain the sector.

Eugene Maquaye.

The goal of the Ghana Corporate Brand Awards is to serve as a catalyst for the development of Ghana’s brand industry by bringing together the most reliable leading brands from a variety of industries.