Cedi depreciation: Cattle owners sell animals in CFA franc at Ashaiman

Sales of cattle at the Ashaiman cattle market are in CFA, and this is making it difficult for buyers.

The cattle owners, mostly from the Sahel region of West Africa, say the depreciation of the Ghana currency has necessitated the mode of payment for the purchase of the domestic animal.

“Until recently, we sold cows in cedis. But, you will agree with me that your (in reference to Ghana) currency (referring to the cedi) has lost value, so I cannot sell my animal to you in your currency.

“If I sell my cows in cedis, I cannot go back home,” Agissah Mousah, a Nigerien cattle owner told awakenewsonline in Hausa.

Some buyers of cattle told awakenewsonline that should this phenomenon persist, this year’s Eid-Dhul Adha, an Islamic Festival of Sacrifice, would be celebrated on a low note.

This means, only the affluent could buy a cow for the festival. Others shared the view of buying CFA ahead of the festival to save them a future increase in the exchange rate.

By: Umar Sheriff/awakenewsonline.com