Mr. Nabil Moukarzel, Chairman of the Food and Beverages Association of Ghana (FABAG), on Tuesday appealed to the Bank of Ghana and other relevant institutions to initiate measures that would stabilise the cedi against major currencies.
He said in a statement that the current situation where the cedi had from the beginning of the year depreciated against major currencies especially the dollar at the average of 8.9 percent was inimical to trade and could create catastrophic repercussions on the ordinary consumer.
Mr. Moukarzel said the situation, coupled with the recent increase in the prices of petroleum products, could cause price hikes on food items.
“The issue here is that, because the major currencies are rising against the cedi, cost of importing products could also increase and in the end, the consumer will suffer more,” he said.
He appealed to the government to review the fiscal monetary systems just like it did at the beginning of 2009 in order to reverse the current downward and negative movement of the Cedi.
“We at FABAG also want to advise government to dig deep into their economic arsenals in order to avoid the economic recession that hit the world especially Europe between 2007 and 2008.”
Mr. Moukarzel appealed to the government to increase investment in the production of staples such as maize, rice and yam in order to reduce their importation.