When I arrived in Ghana in October 2013
Ghc100,000 = $45,454
Jan 2021
Ghc100,000 = $17,094
Mar 2022
Ghc100,000 = $13,965
Feb 2023
GHS100,000 = $8,199
How do I get to $1 million at this rate? I mean everyone wants to be a millionaire right? Every cedi I make is worth less and less every year. My revenue seem to be going up but the money is worth less every year, even though the company is perceived to be growing. Customers are price sensitive and keep asking for discounts. I don't blame them because salaries haven't changed much in that time. The cost of my imported inputs and duty keep getting higher, even though prices have technically been consistent in the last 7 years. It's just costing me more because I'm earning in cedis and spending in dollars. The prices of all local inputs have increased across all suppliers. I know the country keeps borrowing money to improve our economy, build infrastructure, etc but I'm I the only way who feels like we are slipping backwards during this process? Yes, I can export my products and earn foreign currency(which I do), but does every company need to export? Can you build a local company and make it to $1 million at this rate? Or is it consistently a losing battle?
1 comment
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