The President of the Ghana Union of Traders Association (GUTA), Dr Joseph Obeng, for his part, said the traders were, however, not interested in the percentage of increase.
“We are talking about how the depreciation is affecting us and not the percentage. If I was buying the dollar at GH¢4.5 and I now have to pay GH¢4.85 for it, which is a loss of capital to me; that is what we are talking about,” he said.
“Four months back if I want to buy US$100,000, I will need GH¢450,000, but now I will need GH¢485,000, which is GH¢35,000 more. If I am unable to get the additional GH¢35,000, then it means I will get only about US$ 93,000 and this will not get me the same quantity of goods I would have got with the US$100,000, meaning my capital has dwindled,” he explained.