Gabriel and Beatrice Asamoah are a Ghanaian business couple who own BOA Enterprise, a retailing shop in Accra’s Makola market and frequently import goods from the Far East. When in early 2009 Ghana’s currency, the cedi , began to deteriorate rapidly against the dollar and inflation was as high as 20 percent, the instability in the economy affected their business adversely; the exchange rate deterioration was eating into their import capital; they were forced to increase prices to contain the losses but sales began to plunge as customers walked away. But as economic trends have become more improved – the exchange rate has since stabilized and inflation is down to below 10% by mid 2010 – thanks to a government stabilization plan that was supported by leading donors including IDA, their business situation has improved.
They complain there are still challenges and want government to improve the situation even better but are generally happier that the rapid deterioration in exchange rate and inflation in early 2009 has abated.
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