The recent political developments in the Republic of Togo has slowed down economic activities in the country but more significantly, it has taken toll on its currency – the CFA; with Togolese traders struggling to buy.
Two weeks ago, the capital - Lomé as well as other cities across the country played host to thousands of anti-government protesters calling for constitutional reforms and the resignation of President Faure Gnassingbé, who has been in power since 2005.
Although relative order has returned to the country, traders have expressed the concern that ever since the protest begun, the value of the currency has been significantly on the decline.
Speaking to the media, Salamtu, a trader who buys from her home country – Togo and sells in Ghana lamented that about the same period “last year, the CFA sold at GHc6.50, but now, it is almost GHc8.00 and it is too much. It is killing us that is why we cannot go and buy our goodsâ€.
Tying the sad development to the unrest, another trader noted that, “It was only during the time of the protests that we were short of goods, because we could not enter the country, even though there was demand for our goods. And that is the only way it affected us. But now, we are only worried about the rising cost of the currencyâ€.
The West African CFA franc, as of Monday 11th September, 2017, traded at GHc7.98 and GHc8 for a 1000 CFA, on the black market.
If the trend continues, it will become increasingly difficult for Togolese businesses people – particularly the traders to thrive in the neighboring Ghanaian market where the significantly rely on for sales.