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.”
Another trader at Achimota, a suburb of Accra, added that “The government needs to address these issues in the upcoming budget, or we will continue to face challenges.”
The finance minister is to present the government’s 2025 budget to Parliament on Tuesday, March 11, 2025. The traders thought the budget should also reverse certain taxes and reduce import duties.
Mr. Alfred Adjei, a trader, told the GNA that he expected the budget to address the exchange rate issues, as his business was significantly affected whenever the Cedi depreciated against the dollar.
He said that the budget needed to tackle the issue to prevent inflationary pressures on both traders and Ghanaians.
“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.
“You know that when the cedi depreciates, we will be forced to pass on the costs to the people, making life unbearable for all of us,” he said.
Mr. Wilfred Opoku, another trader, also said that his foremost concern was the reversal of the E-levy and a reduction in import duties.
“You see, the E-levy is really affecting me personally and my business. I am forced to pay extra charges to send money to my suppliers when, perhaps I could have used the money for other equally important payments.
“Our suppliers also complain about the duties they pay at the port, which affect the prices of goods they supply to us. So, we expect the finance minister to ensure that the import duties at the port are reduced so that our businesses can survive,” he said.
Ghana’s economy has been facing significant challenges due to the depreciation of the Cedi against major foreign currencies, particularly the US dollar.
The situation has been driven by factors such as high demand for foreign exchange, limited foreign exchange reserves and external economic pressures.
Economic experts and think-tanks say the upcoming 2025 budget presentation would be an opportunity for the government to address these pressing economic issues.
By Jibril Abdul Mumuni
GNA
