The performance of a country’s currency significantly influences commercial potential. Recently, the Ghanaian cedi has exhibited signals of appreciation against the US dollar, presenting new opportunities for companies.
A stronger cedi implies cheaper import costs, decreased inflation, and increased purchasing power for consumers. But does this indicate now is the time to start a business? The answer is determined on the industry, business model, and your ability to capitalize on the present economic climate.
This article delves into why starting a business during a cedi upswing can be a wise decision, as well as the important benefits and practical measures to take advantage of this opportunity.
Lower costs for import-dependent businesses
A stronger cedi provides significant cost savings for enterprises that rely on imports.
Retailers may acquire devices like smartphones and laptops at lower prices, while manufacturers benefit from lower-cost foreign raw materials.
Auto part dealers also benefit from lower import rates. To maximise these …